UAE-based car subscription platform Carasti has announced that it raised $3 million in a Pre-Series A funding round. The round was led by Net Ventures with significant contributions coming from Rua Growth Fund alongside multiple undisclosed investors.
Carasti was founded in 2019 as an online platform offering a flexible 1-24 month car subscription service. It gained popularity very first as the platform was designed to let users seamlessly choose, upgrade, downgrade, or swap their car using just an app.
Carasti customers have the option to select a used or brand new car from an array of options across price ranges. They just have to upload their driver’s license and EID after which, the car is delivered right to their doorstep. There is also a bundle subscription option that includes all costs associated with delivery, insurance, and even fuel.
Explaining the core agenda powering the startup’s successful journey so far, Claudio Esposito Aiardo, CEO of Carasti, commented: “We’re here to challenge this status quo and redefine the Car-as-a-Service space in the Middle East. Cars were designed to provide us with additional freedom in our everyday life – but with multiple disjointed services to deal with, such as bank loans, insurance, dealerships, registration, as well as large down payments, it feels like car ownership in its current form is actually holding us back.”
“We created Carasti to unlock more possibilities for drivers – a world where access to cars is easy, seamless and convenient, and where cars offer freedom, not frustrations.”
Carsati plans on using the bulk of the newly raised capital in expanding throughout the UAE while preparing the groundwork for its regional expansion starting with Saudi Arabia later in 2021.