Ekar, the startup that touts itself as the first and largest carshare operator in the Middle East, is now all set to launch operations in Riyadh. The new development follows the startup’s rather successful Series B round that added a whopping $17.5 million to its kitty earlier this summer.
Noting that the company is excited to be starting the new Riyadh unit, Vilhelm Hedberg, CEO ekar Middle East, pointed out: “Today, ekar UAE services 50,000 bookings per month, a number which we expect to quadruple over the next twelve months as we launch services across cities in Saudi Arabia and other Gulf countries.”
The Chief Executive also pointed out on a proud note that ekar’s fleet currently consists of more than 1,000 cars and over 75,000 members. The company now plans on pushing those numbers further up by adding 9,000 more vehicles to the ekar fleet by 2021. If that roadmap is indeed realized, ekar will further cement its position as the leading carshare platform with over a million members.
As for the startup’s successful funding history, Hedberg noted: “We are delighted to have a select group of strategic investors who are aligned with ekar’s passion to provide cost-effective mobility across emerging markets. ekar’s in-house tech team now has the fuel to scale ekar across MENAT.”
Worth noting here is that ekar’s Series B was led by Dubai-based VC platform Polymath Ventures, with notable contributions coming from investors such as Al Yemni Group and Audacia Capital.
Ekar offers its fleet of cars from a starting price of 40 Halalas to 75 Halalas per minute. The pricing depends on the car model, among other variables.