The actor known for his romance flicks in Bollywood has been on a hiatus for 9 years
Carasti, a Middle East car subscription app, has announced a successful $3 million pre-Series A investment round.
The round, which was oversubscribed, was led by Net Ventures with participation from Rua Growth Fund, as well as a number of other undisclosed investors. The new investment will allow the company, which currently operates in the UAE, to implement its plans for regional expansion, starting with Saudi Arabia later in 2021.
The successful pre-Series A funding round has followed triple-digit quarter-on-quarter revenue growth for Carasti since the end of coronavirus-related lockdown measures in the UAE in April 2020, with Q3 2020 posting more than a 200 per cent increase on the previous quarter.
Claudio Esposito Aiardo, CEO of Carasti, said that the company wants to challenge the status quo and redefine the Cars-as-a-Service space in the Middle East.
“Cars were designed to provide us with additional freedom in our everyday life - but with multiple disjointed services to deal with, such as bank loans, insurance, dealerships, registration, as well as large down payments, it feels like car ownership in its current form is actually holding us back. We created Carasti to unlock more possibilities for drivers - a world where access to cars is easy, seamless and convenient, and where cars offer freedom, not frustrations. We identified a growing appetite for this, which has only been accelerated by the digital transformation in consumer trends brought about by the Covid-19 pandemic,” he said.
Launched in November 2019, Carasti operates a flexible monthly car subscription service that allows consumers to choose, swap, upgrade, or downgrade their car - all through the comfort of the Carasti app. Customers can simply select a brand new or used car from the wide selection available, upload their driver’s licence and Emirates ID, and the car is delivered to their doorstep.
The subscription model aims to make car ownership as flexible and affordable as possible, and customers can switch their cars and subscription rates easily to suit their budgets and lifestyles. The bundle subscription also includes registration, maintenance and servicing costs, roadside assist, delivery, insurance, and even fuel on longer term mini lease subscriptions. Carasti offers the widest selection of cars of any car subscription app in the UAE. It is also the only subscription app to offer brand new cars with zero kilometres on the clock, via its mini lease product.
Michael Menary, CFO of Carasti, added: “We are delighted to have Net Ventures and Rua Growth Fund onboard, bringing with them a wealth of experience and great strategic importance given their focus on building online marketplaces, including in the automotive space. Rua Growth Fund will also support our geographical expansion, through their strong regional networks and market access.”
As part of the funding round, Ben Neve, CEO of Net Ventures, and Khaldoon Tabaza from Rua Growth Fund joined Carasti’s Board of Directors. Carasti will now look to further develop their app, hire more talent, and scale operations in the UAE and internationally.
Ben Neve, CEO of Net Ventures, said: “We are excited to be supporting Carasti. They are an extremely ambitious and talented team that have achieved amazing subscriber growth numbers, with a limited budget, during testing times. We believe Carasti is helping to shape future mobility in the Middle East by introducing Cars-as-a-Service and the benefits to consumers in the region.
rohma@khaleejtimes.com
The actor known for his romance flicks in Bollywood has been on a hiatus for 9 years
Here are some thrilling ways to escape the summer heat and enjoy the indoors to the fullest
After a bout of torrential rain, Dubai has bounced back like no other city, with automotive events being organised in full swing and big announcements being made
Sounds of prayer 'hallelujah…praise the lord' filled the air as part of a religious ceremony marking the soft opening of the facility
Afghanistan rulers are absent at the UN Human Rights Council meeting as Taliban are not recognised by the global body
A recognition reaffirms Alaan's status as a leader in the corporate card and expense management sector in the Middle East
The deluge cut off a road, uprooted trees, washed away homes and sent vehicles flying
The Gulf countries have been working on the unified tourist visa – similar to Schengen-style visa – for over one year