UAE-based mobility platform Carasti, has announced its expansion to Saudi Arabia following a $2 million bridge round from Net Ventures and Rua Growth Fund. This financing round serves as a milestone before launching in KSA and in preps to raise their Series A round.
Carasti is an on-demand monthly car subscription app that offers affordable and flexible all-inclusive automotive services. The subscription model allows customers to swap, upgrade, or downgrade their vehicles easily and without a long-term commitment. The marketplace business model provides a simple and efficient platform through which fleet partners can manage and monetise their fleet.
“I’ve been visiting and doing business in Saudi Arabia for many years, and I can safely say that no country in the world is transforming as quickly or building for the future in the way that Saudi Arabia is. Carasti’s mission in Saudi Arabia is not only to democratize access to cars but also to support the transition from the internal combustion engine to alternative fuels and electric vehicles over the coming years – we are very much aligned with the Crown Prince of Saudi Arabia’s pledge to cut the nation’s carbon emissions to net-zero by 2060 and hence Carasti will be offering a fleet of electric vehicles that our customers can subscribe to.”
~ Claudio Esposito-Aiardo, CEO of Carasti
Today, Carasti launched operations in Riyadh, Saudi Arabia allowing customers to subscribe to new and used cars for between 1 and 24 months for an all-inclusive subscription fee. The startup is preparing a Ramadan launch campaign in the Kingdom with 50% off on a first-month subscription, which can be availed using the code “WOW50” when signing up to the Carasti app or website as a new subscriber.
Carasti handles vehicle registration, maintenance and servicing costs, roadside assistance, insurance, and delivery. It facilitates customers with no down payments, no loans and no depreciation that typically come with buying a car.
“After a successful 2.5 years of rapid growth in the UAE, we are now making it possible for Saudi drivers to get a car without any of the hassles of ownership; our full-subscription model looks set to become the go-to brand for the Kingdom’s automotive needs starting today and into the future.”
~ Claudio Esposito-Aiardo, CEO of Carasti