The Blockchain based startup Drife closed its token sale of $2.7mm on 20th July. It is believed that the private sale of $2.7mm was 30X oversubscribed and had a final subscription of approximately $90mm. The startup has also finally announced that it would perform its Initial Dex Offering (IDO) and Uniswap listing on August 6th. The public sale will be held on PAID’s Apollo-X IDO platform.
The venture token funding round was led by Master Ventures, GD10, AU21 Capital, Titans Ventures and FBG Capital. It also announced the addition of major strategic advisors like Orion Depp & Kyle Chasse of Master Ventures.
Drife is a decentralised ride-hailing experience which aims at empowering the riders and drivers on the platform. The main idea behind this is to disrupt the existing ride business and develop a more fair, efficient and transparent ride-hailing market with a decentralised economy. The startup has a zero-commission feature, price flexibility, Peer-to-peer transactions, and transparency and freedom to choose what they think is rational for a ride.
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The CEO of Drife, Firdosh Sheikh said, “Our capital raise was oversubscribed by nearly $90mm and received interest from VCs and strategic partners in 6 continents. We’d like to thank our international community for supporting the Drife vision. Our upcoming IDO on Apollo-X with Uniswap listing is a first major step towards transforming the ride-sharing industry.”
Drife’s IDO advisor and the managing director of Master Ventures, Orion Depp also criticised Uber and other centralised services which pay their drivers a very less amount and charges the riders high prices for their own benefits. He further added that Drife is a new business model which will set a new standard in the ride-sharing Market.
The startup will announce its first IDO offering soon. The CEO says she wants to roll out with 1,00,000 drivers from India and give the new Decentralised market a huge expansion in the Indian market. The DRF tokens will also be launched by bid-staking.
