Thai car-sharing platform Drivemate raises $2.2m

Drivemate, a peer-to-peer car-sharing platform based in Thailand, has secured US$2.2 million in a series A round led by Netsol Technologies Inc., a Nasdaq-listed IT and enterprise software solutions provider in the US.

Isuzu, UNT Group, and Colopl Next also participated in the round, which brings Drivemate’s total funding to US$2.8 million.

Photo credit: Welcomia / 123RF

Launched in 2016, Drivemate said it will use the additional funds to further develop its platform and integrate its infrastructure with Netsol’s Otoz mobility platform.

Otoz will allow Drivemate to apply emerging tech like blockchain, internet of things, and machine learning to functions such as logging car histories, tracking customer transactions, implementing dynamic pricing, managing inventory, and monitoring driver behavior and vehicle usage.

The Otoz team will support Drivemate’s platform with a specific emphasis on efficiency, security, and scalability, according to a statement. Going forward, Netsol will also provide the startup with a product roadmap to address future areas of focus for tech development.

The car-sharing firm said it also plans to use part of the proceeds from its latest funding round to bankroll its expansion into other Asian countries such as China, Singapore, and Australia.

“This latest funding provides Drivemate with the necessary capital and technology to both increase our leadership position in Thailand as well as expand our operations into other international markets,” said Silratth Sukwatthanasiri, Drivemate’s CEO and co-founder.

The company, which connects vehicle owners with renters, claims to have over 9,000 vehicle options and 45,000 members on its platform. It also said it has about 100,000 monthy active visitors on its website.