The popular car subscription platform from UAE has secured a $3M pre-series A funding round and that’s not all. This popular platform closed the funds was participated by Rua Growth Fund along with several other undisclosed investors and it was led by Net Ventures.
The platform was launched back in November 2019, and it has been in the works with an adaptable 1 to 24 month-to-month car membership administration that pretty much helps the clients and shoppers to pick, trade, update, or do the opposite thing to their cars like downgrading it. And it’s all possible through the one-stop app by Carasti. Clients have several options to choose from including simply selecting a brand new or trade-in car from the wide choice accessible and that’s not all. The app also allows them to transfer their driver’s license along with EID right after that, the car can be delivered right away to the client.
The membership model pretty much intends to make car proprietorship as adaptable and moderate as possible it can be so that the clients can switch their cars and all the paperwork conveniently with very affordable rates effectively to suit their financial plans and ways of life which goes without saying. The group membership also works by helping sincerely with licensing and maintenance costs as well which is pretty neat of them.
The main point of Carasti is that they offer the vastest determination of cars of any car membership platform you can get in the UAE and that makes it more convenient than other similar platforms. It is also the only available car membership app that not only offers the newest cars with zero kilometers on the clock, it also allows them to be used as small-scale rent items. The round literally has followed triple-digit quarter-on-quarter income development for Carasti since the last COVID-19 lockdown in the region back in April 2020. This preventive protocol caused Q3 2020 posting in excess of a 200% expansion on the recent quarter which ended up pretty accordingly.
We’re here to challenge this status quo and redefine the Car-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,” said the CEO of Carasti, Claudio Esposito Aiardo.
“We are delighted to have Net Ventures and Rua Growth Fund on board, bringing with them a wealth of experience and great strategic importance is 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,” stated the CFO of Carasti, Michael Menary.
“We are excited to be supporting Carasti. They are an extremely ambitious and talented team that has 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. We welcome the opportunity to work alongside Rua Growth Fund, who have a history of success helping to scale high growth, online businesses in the region,” commented the CEO of Net Ventures, Ben Neve.
Carasti plans to use the investment to fuel growth in the UAE and implement its plans for regional expansion, starting with Saudi Arabia later in 2021.
With the fresh funds, the platform is aimed at investing to fuel growth in the UAE and expand their company and enter newer markets starting with Saudi Arabia later on this year.