Omani Automotive Startup Carzaty Expands to UAE Following $4 Million Funding Round
The GCC-based e-commerce startup providing a digital experience for selling new and used cars will continue expanding throughout the region.
Oman’s Carzaty, an online retailer for new and assured used cars, is celebrating its launch in the United Arab Emirates. The fast-growing e-commerce startup taps into the latest technology to deliver a more affordable and convenient way to buy cars in the region. Carzaty has raised $4 million in funding to date, and most recently announced a strategic investment from Innovation Development Oman (IDO Investments) to accelerate the company’s growth plans in the region. In addition to IDO Investments, Carzaty’s shareholders include venture capital firms and strategic investors with roots in the transport-tech industry.
“Carzaty is elevating the auto retail market into the digital age, where buyers can search, compare, buy and finance cars from the comfort of their home. We are proud to have sold hundreds of cars since our launch with hundreds of happy customers validating Carzaty’s new car buying experience. All cars in our inventory have been reconditioned to strict quality standards and come with warranties, giving customers peace of mind,” says Hassan Jaffar, Managing Director of Carzaty and Chairman of the Board.
The startup aims to replace the large, expensive showroom with a seamlessly transparent digital experience, eliminating huge overhead costs specific to the industry’s efforts. This innovative retail model enables Carzaty to sell cars for prices up to 25% less than traditional dealers. The startup was founded by Hassan Jaffar and Marwan Chaar, Arab entrepreneurs whose backgrounds include McKinsey & Company, Stanford University and Harvard University. As a team, the founders bring a proven track record of investing in and upscaling technology-driven startups with an innovative solution.
“The Omani economy has a real and ambitious goal to amplify SME and startups business’ contribution to GDP and job creation. With this investment, we expect Carzaty to expand further on a regional scale, and in turn, enter the global market and compete at the international level. We will support them to the best of our ability in developing their business, which will subsequently create an added value to Oman’s economy, ”says Mazin AlNaamani, Portfolio Impact Manager at IDO Investments.
