Dubai-based pay-per-minute vehicle rental startup Ekar has brought $17.5 million up in a Series B round, the startup declared today, saying that the round was shut in June not long ago. The round was driven by Dubai-based Polymath Ventures and joined by Al Yemeni Group and Audacia Capital.
Established in 2015, Ekar empowers clients to lease vehicles constantly, hour or day through its versatile application (accessible for both Android and iOS) in the United Arab Emirates (and now in Saudi). The clients in the wake of downloading the application need to enroll themselves with a substantial driving permit, ID, and a legitimate charge card.
When enlisted, they can find vehicles on the application and book the nearest on compensation for every moment (as long as 5 hours), day by day, week after week or month to month premise. The clients would then be able to open the booked vehicle with the application and locate the key inside its glove box (which can be recovered utilizing the customized stick code).
Ekar’s vehicles in Dubai and Abu Dhabi are accessible at costs beginning from AED 0.6 every moment. The autos accompany free fuel and the clients can refuel them when they come up short on fuel at oil stations of Ekar’s accomplices.
Ekar, per the announcement, now serves more than 50,000 month to month appointments in the United Arab Emirates. Its site noticed that it has in excess of 1,000 autos accessible in its armada.
Vilhelm Hedberg, Ekar’s fellow benefactor, and CEO, remarking on the speculation, stated, “We are enchanted to have a select gathering of vital speculators who are lined up with ekar’s energy to give financially savvy versatility crosswise over developing markets. ekar’s in-house tech group presently has the fuel to scale ekar crosswise over MENAT.”
Ali Hashemi, Managing Director of Polymath Ventures, stated, “We accept keen frameworks and shared vehicle stages like ekar is the future for practical portability particularly in urban areas with thickly populated situations, for example, Riyadh. We contribute with conviction where groups are driving advancement to take care of tomorrow’s issues today, and we anticipate helping ekar succeed.”