The car rental on-demand service taps into an industry valued at over $4 billion in the MENA region alone, getting the attention of 500 Startups, Saudi Venture Capital Company, Impact46 and more investors.
Saudi Arabia’s car rental application Telgani has announced a six-figure seed round, with contributions from 500 Startups, Saudi Venture Capital Company, Impact46 and several unnamed angel investors. This follows a massive 300% year-over-year growth achieved by Telgani in 2019, as it now serves more than 20 cities in the Kingdom, as well as expanding to the UAE.
Telgani’s unique service lets users select a rental car from several local and international car rental companies, and delivers the vehicle to your doorstep within hours. “Our marketing strategy takes place within two interrelated segments. On the corporate market, we have a focus on airports and hotel surroundings. While in the leisure segment, our rental services target agency owned facilities that are conveniently located within most major roads and metropolitan areas,” Abdulkader Almkinzy CEO and Founder of Telgani explains about their rapid growth.
The car rental industry is estimated to be worth over $4 billion in the MENA region, with the UAE and the KSA being the front-running markets. In Saudi Arabia alone, there are an estimated four million operational rental vehicles. “We’re really excited about what the next 12 months hold for Telgani. We are experiencing one of the most significant and important developments towards vision 2030, and we consider ourselves fortunate to be in the position to join this movement in building a more efficient and sustainable car rental industry,” continues Almkinzy about the new investment.
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