THE FUTURE OF
MOBILITY
P R E S E N T A T I O N
This has been approved as a financial promotion by Eureeca Ltd which is authorised and
U d rConduct
regulated by the Financial i v e . aAuthority
e in the UK.(No.624555).
Disclaimers
This has been approved as a financial promotion by Eureeca Ltd which is authorised and regulated by the Financial Conduct Authority in the UK.(No.624555).
Introduction Except where otherwise expressly stated, neither the Company nor Eureeca Capital SPC, or any of their directors, shareholders,
This investment memorandum (the "Memorandum") contains information in connection with the offer (the “Offer” or employees, advisers and/or representatives, accept any liability for any representation, statement, or warranty (expressed or
“Offering”) of ordinary shares (“Shares”) in the capital of [UDRIVE HOLDING LIMITED] (the "Company"), a limited liability implied) contained in or omitted from this Memorandum or any other written or oral communications at any time transmitted to
company incorporated in the United Arab Emirates with company number [000001331]. the recipient (or any of their advisors) in the course of the recipient’s evaluation of any proposed investment.
Confidential information No person, other than the Company and its board of directors has been authorized to give any information or to make any
This Memorandum has been prepared by the Company and its founding shareholders. It is being provided only to users of the representation about the Company, its proposed business, the Shares, and, if given or made, any such information or
Eureeca Website who have accepted the corresponding Terms of Use, solely as a guide for the purpose of giving background representation should not be relied-upon.
information to enable recipients to assess whether they wish to express an interest in investing in the Shares.
Assumptions and Forward-looking Statements
All information provided in this Memorandum is strictly confidential and must not be disclosed to any other party or used for any Potential investors in the Shares are advised that there can be no assurances that the assumptions contained in this
purpose other than for assessing the investment opportunity presented herein. Memorandum will prove to be correct; that the actual effects of the assumptions, even if correct, will be the same as the
anticipated effects set out herein; or that any such differences will not be material. In particular, the financial condition of the
Promotion Company and/or the value of the Shares may be adversely affected by future developments in inflation, cost of funds, taxation,
This has been approved as a financial promotion by Eureeca, which is authorised and regulated by the Financial Conduct social instability, or other matters (e.g., legal, economic, political, diplomatic, military, etc.) over which no party has any control.
Authority in the UK.(No.624555).
Certain statements in this Memorandum constitute "forward-looking statements". The reader can generally identify these
This document relates to a financial product which is not subject to any form of regulation or approval by the Dubai Financial statements by the use of forward-looking words such as "plans", "estimates", "believes", "expects", "may", "should", or "are
Services Authority (“DFSA”). expected", "would be", "anticipates" and similar words or phrases, or the negative or other variation of such terms or comparable
terminology. The Company cautions that such forward-looking statements are only expectations and estimates regarding future
The DFSA has no responsibility for reviewing or verifying any prospectus or other documents in connection with this financial events and circumstances. Since such statements reflect the current views of the Company with respect to future events, they are
product. Accordingly, the DFSA has not approved this document or any other associated documents nor taken any steps to verify subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements
the information set out in this document, and has no responsibility for [Link] financial product to which this document relates of the Company to be materially different from any future results, performance or achievements that may be expressed or implied
may be illiquid and/or subject to restrictions on its resale. Prospective purchasers should conduct their own due diligence on the by such forward-looking statements. Some of the risks and factors that could have such an effect are described in more detail in
financial product. other sections of this Memorandum. Should any one or more of the risks or uncertainties materialize or underlying assumptions
prove inaccurate or incorrect, actual results may vary materially from those described in this Memorandum as anticipated,
If you do not understand the contents of this document, you should consult an authorised financial adviser. believed, estimated, planned or expected. Investors should consider all forward-looking statements in light of these explanations
and should not place undue reliance on any forward-looking statements contained in this Memorandum. The Company does not
Limitations
intend to update, or assume any obligation to update, any information or forward-looking statements in this Memorandum.
This Memorandum is furnished for the purpose of evaluating an investment in the Shares.
Risk Factors
The Offering is being made only to non-US persons (citizens or residents of the U.S., any corporation, partnership or other entity
There is an element of uncertainty inherent to any investment, particularly investment in start-ups and small and medium
created or organised in or under the laws of the U.S. or any person falling within the definition of the term “U.S. Person” under
enterprises; accordingly, Investors’ attention is drawn to the risk factors set out in this Memorandum and other information
Regulation S adopted by the Securities and Exchange Commission of the U.S. on 24th April 1990, as amended from time to time).
presented in this Memorandum to assist in the evaluation of this investment opportunity.
No registration statement has been, or will be, filed with the United States Securities and Exchange Commission under the
Securities Act of 1933, as amended (the "Securities Act"), with respect to the Offering. No Recommendation or Advice
Investor should read and consider this Memorandum in its entirety. However, this Memorandum is not to be regarded as an
This Memorandum does not constitute an offer to sell any Shares to any person in any jurisdiction in which it is unlawful to make
advice to potential investors or a recommendation on the part of the Company or Eureeca Capital SPC or any of their directors,
such an offer or solicitation. No action has been taken to qualify or register this Memorandum under the laws of any jurisdiction,
shareholders, employees, advisers and/or representatives to participate in the Offer. Recipients of this Memorandum are
and its use in any manner contrary to the applicable laws of any jurisdiction is expressly prohibited. Recipients of this
responsible for making their own independent evaluation of the Offer, an investment in the Shares, and of the information and
Memorandum are required to inform themselves about, and to observe, any relevant legal restrictions.
assumptions contained herein, by using such advice, analysis, and projections as they deem necessary in making any investment
To the best knowledge of the Company, its directors, shareholders, employees, advisers and/or representatives, the information decision. The sole purpose of this Memorandum is to provide background information to assist each recipient in making an
contained in the Memorandum is in accordance with the facts and the Memorandum contains no omission likely to affect the independent evaluation of the Offer and any investment in the Shares.
import of such information, and is fair, clear, and not misleading.A substantial portion of the market and industry information
Any and all discussions, negotiations and communications, including through any online forums, between any recipient of the
herein is derived from external sources. Although the Company does not have any reason to believe that any such information is
Memorandum and the Company and their respective directors, shareholders, employees, advisers and/or representatives will
materially inaccurate, it has not independently verified the same.
remain subject to contract and without commitment or obligation unless and until definitive contracts are agreed, executed and
The information contained herein is subject to change. The delivery of this Memorandum does not imply that any information unconditionally delivered.
contained herein will continue to be correct subsequent to the date hereof. Neither the delivery of the Memorandum nor any
Currency
oral, written, or printed communication in relation to the Offer is, or should be, relied upon in any way as a promise, statement,
Unless otherwise specified, all financial figures in this Memorandum are stated in United States Dollars ("US$").
or representation as to the future results, earnings, or events. The Company reserves the right to modify data, information,
documentation, and other procedures without providing any reason for such modifications.
W H AT I S U D R I V E ?
Udrive is the first and largest on demand
mobility sharing operator in the
Middle East.
PAGE 4
H O W I T WO R K S
REGISTER RESERVE DRIVE PARK
1 2 3 4
Sign up on our mobile app and Locate, reserve and open a car Drive from anywhere to Park the car anywhere in the
follow the easy steps that is near you everywhere city
SIMPLE BUT POWERFUL
PAGE 7
USING THE
APP
PAGE 8
1 Million USD Raised in December 2017
OUR TIMELINE
We Launch 1st Service in GCC
2016
• 0 users
• 100 cars
2017
• 15,000 users
PAGE 10
• 350 Cars
2018 +
• 50,000 users
• 550+ Cars
+ 2019
• 125,000 users
2020 COVID
Postponed Series A
March
Expand into MENAT 2020
KSA + Turkey November/December
Customers come first PAGE 11
A S E RV I C E W I T H B E N E F I T S
PAY WHAT YOU
FREE FUEL NO DEPOSITS
USE
24/7 CUSTOMER
FREE INSURANCE FREE PARKING
SUPPORT
Economy Premium Luxury
Nissand Tiida, Kia Picanto Nissan Kicks, Ford EcoSport, Mercedes A 250, Ford
Chevrolet Aveo Sedan, Toyota Mustang, BMW 3-Series
Yaris Hatchback, Nissan Sunny,
Peugeot 208
Per
PRICING Minute 0.70 AED 0.7 AED 1+ AED
Daily 144 AED 168 AED 279 AED
PAGE 13
Sample Trip
Dubai Marina Mall to Dubai International Airport
Uber
130 AED
31
price difference
Udrive
Udrive min
100 AED
28.70 AED
Average Trip 31
min
Careem
Pre-COVID 120 AED
41 min 31 Metro &
min Bus
23.50 AED
Post-COVID 59
price difference
65 min Taxi min
76.50 AED 50 AED
31
min
Source: RTA’s S’hail App
Per Minute/Per KM Subscription
We charge per minute anywhere, everywhere Providing subscription based models to our
ENHANCED customers that enable more fixed availability
and monthly fixed costs in return for
BUSINESS opportunistic pricing and additional benefits
MODELS
Advancing our business models for different zones of the
UAE and new countries. This helps us provide vehicles that
meet our customers needs.
Business Corridors Functional Fleets
Focusing on user needs and bringing large Providing fleets that have a utility value such
station based corridors for specific groups as IKEA and ACE hardware shopping. We need
to be there when they need us
PAGE 15
THE FUTURE OF PRICING
As the business develops
PER MINUTE D A I LY
0.5 AED – 1.5 AED 99 AED – 400 AED
W E E K LY P2P
Based on fleet Market Priced
PAGE 16
THE GROWTH
PAGE 17
UDRIVE GROWTH – 2017 to PRE-COVID
Revenue Per Month
AED 2,500,000
AED 2,000,000
AED 1,500,000
AED 1,000,000
AED 500,000
AED 0
User Growth Per Month Trips Per Month
200,000
50,000
180,000
45,000
160,000
40,000
140,000 35,000
120,000 30,000
100,000 25,000
20,000
80,000
15,000
60,000
10,000
40,000 5,000
20,000 0
PAGE 18
B E AT I N G C O V I D
PRE COVID MID COVID POST COVID
Vehicles
550 < 200 > 300
Employees
85 < 10 > 40
Emirates
4 <3> 4
Key decisions to
Back into growth
preserve capital
PAGE 19
180,000+ 1,000,000+ 850,000+ PRE COVID: 550+ CARS
MEMBERS TOTAL TRIPS TOTAL HOURS OF USAGE POST COVID: 250
C O M PA R I T I V E
HISTORY
2016-2020
AVERAGE TRIP TIME TRIPS DAILY NEW ORGANIC REG. REGULATOR APPROVAL
PRE COVID: 41 MIN PRE COVID: 1300 EVERY MONTH PRE COVID: UAE/KSA
POST COVID: TURKEY
POST COVID: 65 MIN POST COVID: 600 PRE COVID: 7800+
POST COVID: 5000+
PAGE 20
USER DEMOGRAPHICS
Professionals Weekend Users Family
One-time registration and full flexibility Flexible rentals for weekends Reliable backup when additional car is required
Easy and affordable transportation for daily tasks No commitment Affordable cost
Cost friendly Saloons and Crossovers available
Tourists Premium Experiences
Hassle free rentals when needed Premium Cars for unique experiences
No prepayment costs or deposits Quality locations
Dedicated hot spots at key tourist locations/hotels
PAGE 21
A-Class 250 208, 301 3 Series Tiida, Sentra, Micra,
Sunny, Kicks
OUR FLEET
Mustang, Focus, Multivan
Yaris Hatchback & Aveo Hatchback,
Figo, EcoSport
Sedan, Corolla Aveo Sedan, Spark
PAGE 22
CORP REVENUE
PA R T N E RS
& CLIENTS
PAGE 27
F U T U R E M I L E S TO N E S
Investment in Full Stack Expansion GCC Full Mobility Platform
Bring all mobility options into platform, including 3rd party providers and own
Fleet tools, customer experience, mobile app, All countries in GCC
fleet. Provide end to end onboarding for B2B, B2C and P2P customers.
hardware and IOT.
2020 2021 2022
Expansion Internationally P2P Across MENAT
Lorem ipsum dolor sit amet, feugiat delicata liberavisse id cum. No quo maiorum
KSA/Turkey, Bahrain and UAE
intelleget. Mea cu case ludus integre, vide viderer eleifend ex mea.
PAGE 29
MOVING FORWARDS
RAISING CAPITAL AND GROWING
OUR PATH TO
GROWTH
PREPARING TO CLIMB
PAGE 42
OUR 2021 REGIONS
GCC TURKEY
54 million 80 million
population population
27m driving age 45m driving age
PAGE 44
OUR GROWTH FOCUS
FOR 2021
UAE (Enhancement)
KSA (Expansion)
TURKEY (Expansion)
240 --> 900 UAE
0 --> 1200 KSA
0 --> 500 TURKEY
500,000 Customers
PAGE 43
N o m i n e e S t r u c t u re
Please note that UDRIVE HOLDING LIMITED may be using Eureeca’s Nominee
Structure to hold investor shares.
WHAT DOES THIS MEAN?
100% Udrive Nominee
This means that while the Nominee (Eureeca Holdings BVI) is Eureeca Crowd
the legal shareholder on official company documents, it is only Holdings Limited
Investors (BVI)
holding those shares on behalf of the individuals who have
invested in the company through Eureeca. Therefore, while the
Nominee holds the shares, the full economic benefits are
Nominee Trust Agreement
passed on to you, the beneficial owners. stating that the Crowd Investors
are the beneficial owners of the
shares
Please refer to the Nominee FAQs for more information.
“Nominee”
Eureeca Holdings
(BVI)
Holds Equity On
behalf of the Crowd Investors
“Local Co”
UDRIVE HOLDING
LIMITED
Risk Factors
Before deciding to invest in the Shares, prospective Dividends
Investors are advised to carefully consider all the Future dividends shall depend on, amongst other
information contained in this Memorandum, including things, the future profit, financial position, capital
the Risk Factors set forth below: requirements, regulatory restrictions and other
Investment Risks factors that the directors of the Company would deem
significant from time to time. Although the Company
Subscribing to the share capital of the Company is an
intends to pay annual dividends to its shareholders,
investment in equity and carries with it all the risks
the Company does not make any assurance that any
associated with investment in equity securities
dividends shall actually be paid especially in the early
including the diminution or the TOTAL LOSS OF
years of operations or any assurance as to the
CAPITAL. In view of the fact that the Company is an
amount, which shall be paid in any given year. Any
early stage company, such an investment entails a
decision to pay cash dividends to shareholders shall
specific risk for investors since the Company does not
be at the discretion and upon the recommendation of
have long operating history or track record for potential
the board of directors of the Company and approval of
investors to rely upon when making their purchase
the general assembly of shareholders, after taking into
decision.
account various factors then existing.
Risk Factors
Regulatory Risks Exchange Rate Controls and Remittance Restrictions
In the event of any changes to the regulations, the Eligible holders of the Shares may be subject to exchange
Company could be adversely impacted and may be rate fluctuations between their native currencies and the
required to incur significant expenditure in order to currency of the jurisdiction where the Company is located
comply with such regulation changes. or doing business. There are no exchange controls or
Social, Economic, and Political Risk Factors remittance restrictions in the UAE that may affect the
Shares. While all official actions point to more
The economic performance and political and social liberalization of trade and removal of trade barriers, there
stability of the UAE are major factors that can influence is no guarantee however that exchange controls or
the Shares. Prospective investors are expected to remittance restrictions shall not exist in the future.
obtain independent analysis of the social, economic
and political factors which may impact the Shares from Operational Risks
independent sources such as sovereign risk rating Udrive is an on demand self mobility platform and is
agencies. therefore regulated in all jurisdictions primarily under
rental and car sharing rules. In times of uncertainty like
with COVID we, like many other businesses are at risk
from government actions. This of course could stop
instantly our business for the time that these actions are
in place.
Risk Factors
THE FOREGOING RISK FACTORS DO NOT PURPORT TO BE A COMPLETE EXPLANATION OF THE RISKS INVOLVED IN
AN INVESTMENT IN THE COMPANY. POTENTIAL INVESTORS MUST READ THE ENTIRE MEMORANDUM INCLUDING
ALL ATTACHMENTS AND MUST CONSULT THEIR OWN PROFESSIONAL ADVISERS, BEFORE DECIDING TO INVEST IN
THE COMPANY.
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This has been approved as a financial promotion by Eureeca Ltd which is authorised and
regulated by the Financial Conduct Authority in the UK.(No.624555).
THANKS
g r a p h i c r i v e r. n e t