Dubai – Mubasher: Investment bank Audacia Capital, licensed under the Dubai International Financial Centre (DIFC), on Thursday announced its acquisition of a 25% stake in ekar, according to a statement.
The bank did not specify a figure for the deal, which will allow the Dubai-based car-sharing startup to expand its service network and increase the number of its affiliate cars; thus, expanding its customer base.
This new investment will allow ekar to boost its cooperation with the Dubai Roads and Transport Authority (RTA), Etihad Airways, and Emirates Airlines, the company’s CEO Vilhelm Hedberg stated.
He added that with the investment, ekar will be able to add new car-share programmes for city and private fleets.
“We aim to have over 1,000 ekars over the next three years across the GCC, including Saudi Arabia,” he highlighted.
“Audacia Capital has always been supportive of UAE-founded companies. The ekar business model is offering consumers a unique service that is not available in the market. Ekar is also working in alignment with the UAE government’s vision to promote sustainability and economic growth and car-sharing will serve to be very beneficial for this purpose in the long-run,” said Audacia Capital CEO Emad Mansour.
Boston Consulting Group recently reported that the number of car rentals will reach 35 million users worldwide by 2021, with car bookings for more than 1.5 billion minutes per month.
Worldwide annual revenues from such services will reach $4.7 billion, the group added.
Ekar was formally launched in January this year with the RTA of Dubai and a fleet of 100 cars spread across the emirate of Dubai. It was also named as the #1 startup to watch by Forbes Middle East.
