Period of completion
- Project’s geography Russia
CityDrive provides short-term car rental services in Moscow, St. Petersburg and Sochi, being one of the market leaders.
The project is implemented in partnership with Mail.Ru Group and Sberbank through O2O Holding. The company had operated under the YouDrive brand until April 2021. The decision to enter the project and start financing the company took place at a time when the emergence of a major fast-growing player accelerated the formation of the market itself and placed stringent requirements for further development on other players. The company has one of the most technologically advanced IT platforms in the market, a high level of customer loyalty, and an excellent reputation, which makes it an attractive platform for development. CityDrive is a strategic investment for all partners. The goal of the project is to significantly scale the business, diversify business which would be complementary to short-term rental services, as well as to realize synergies with the other O2O Holding businesses, platforms of Mail.Ru Group and Sberbank. In addition to financing the company, the partners provide operational support to CitiDrive, complementing and expanding the company's expertise. The following processes have been implemented in the company:
- September 2019, an additional capitalization of the company.
- Starting active development: launching more than 3,000 vehicles on the line in the cities of presence, significantly strengthening the position in St. Petersburg.
- Transferring the business management from the founders to a professional management team with broad but relevant competencies, significant strengthening of the team in all areas of activity.
- Partial integration of CitiDrive and CitiMobile applications.