Saudi P2P Car Rental Platform Ejaro Raises USD 3.28 Million Investment
Ejaro allows people to rent their personal vehicle to those seeking short term car rental, earning them income when they are not using their own car.
Saudi-based startup Ejaro, a peer-to-peer (P2P) car sharing rental company, announced the completion of an investment round totaling $3.28 million.
Founded in 2019, Ejaro allows people to share their personal vehicle with those seeking to rent a car on a short-term basis, and is the first of its kind to be fully licensed in Saudi Arabia. Thus far it has facilitated over 25,000 days of trips, reflecting the increasing demand and acceptance of its service.
“Completing this funding round alongside our strategic partnerships reflects our commitment to innovation and meeting the needs of our customers,” Mohammed Khashoggi, founder and CEO of Ejaro, tells StartupScene. In addition to providing peer-to-peer car-sharing services, Ejaro also offers insurance services and solutions to customers in the Kingdom. “We are not only working to change the concept of car sharing in the Kingdom but also striving to be leaders in the insurance sector through cooperation with Cooperative, Najm, and Absher.”
Companies providing P2P car sharing services are becoming increasingly popular across the MENA region, with a predicted sector growth of 6.94% in Saudi Arabia according to Statista. People are seeking an alternative to leaving their car parked, unused, and depreciating in value for significant periods of time. These platforms give people the opportunity to flip the script; instead of spending money on insurance and maintenance even if they are not using their vehicle, they can rent out their vehicle to those looking for short term rentals.
The investment will be used to enhance its development and expansion plans in the peer-to-peer car rental field at the Middle East and North Africa level.
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Jan 31, 2024