UAE: MySyara, a UAE-based online automotive service provider, has announced that it raised $650K in a Pre-Series A funding round. The round was facilitated by JRC Corporate Consulting (JRC) and acting in an advisory capacity, brought in ten investors for the round.
The investors involved in the round were: Steve Mayne – Founder of Creative Zone, James Kevan – Cofounder of SGP Technology, Arjun Balakrishnan – Partner at JRC, Jaufre Rouanet – Founder and Managing Partner at JRC, James Joy, Founder of Summit Ventures, and Mashfique Chaudar – Founder of DriveArabia. Four of the investors wish to remain undisclosed.
MySyara is an on-demand car care startup trying to bring back the concept of mobility to ride ownership. They provide every service there is for a car owner, starting from the waterless car wash at the doorstep, to major repairs and roadside assistance. Their services are designed to be contactless.
Chirenj Chandran, Co-Founder, and CEO of MySyara said, “Since the outset of the COVID-19 pandemic, with its resulting lockdown and social distancing implications, car owners have sought safer ways to maintain their vehicles without leaving their own home. With owners increasingly retaining their existing cars instead of replacing them, keeping them in top condition is more important than ever. These changing market conditions have helped us register year-on-year revenue growth of 600 percent, and the new service packages are designed to address these new market trends.”
Commenting on the startup’s expansion plans, Anser Latheef, Co-Founder and CSO of MySyara, said, “The UAE aftersales market is set to grow and we are determined to play a key role in this as we plan to expand beyond Dubai and into the rest of UAE and, subsequently, Saudi Arabia. We want to give car owners across the region and aftersales experience that is as seamless as updating your smartphone. Customers are looking for maximum convenience and the traditional models of service and maintenance struggle to meet this need – we are here to disrupt the market and transform the experience of car ownership.”
With the new funds, the startup plans to expand its operations as well as launch a new service package to provide car owners with a more convenient and affordable way to manage their vehicle’s servicing and maintenance.