Carasti, UAE-based Tech startup and car subscription service, raised $2m in its latest funding round. Net Ventures and Rua Growth participated in this round.
Carasti will launch operations in Riyadh, Saudi Arabia this March, allowing customers to subscribe to new and used cars for between 1 and 24 months for an all-inclusive subscription fee.
“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, stated.
Carasti customers can gain access to a fleet of brand new and used cars that suit any lifestyle or budget for only a fixed monthly fee; meaning they face no down payments, no loans and no depreciation that typically come with buying a car.
The startup is launching with a Ramadan offer of 50% off the first-month subscription for new Saudi subscribers. Carasti handles everything from vehicle registration, maintenance and servicing costs, roadside assistance, insurance, and delivery.
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