UAE-based MySyara Acquires Auto Parts Distributor for $2.6M
The car solutions company hopes to fuel expansion with the new acquisition.
UAE-based startup MySyara, a one-stop-shop for automotive maintenance, has announced the acquisition of an unnamed UAE-based auto parts distributor for $2.6 million, following a recent $400,000 investment aimed at fueling its expansion.
Launched in 2019, MySyara has recorded 600% year-on-year revenue growth after expanding the complete car solutions offered through its platform from the UAE to India.
Its CEO Chirenj Chandran said that the company works to unify a “deeply fragmented” auto care industry. “A garage, on average, deals with 20-26 suppliers to source automotive parts,” he said, “this traditional supply chain process can increase turnaround time for garages which results in delayed deliveries to customers.”
Through MySyara Supply, the company has access to auto parts sourced locally and internationally, allowing it to hasten the process of identifying and receiving auto parts, which, according to Chandran, “enables our vendors to provide a more seamless experience to our end user.”
The startup is eyeing a further expansion of operations to be enabled by the new acquisition.
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Feb 20, 2024