• 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. 
• Founded in 2019 by Michael Menary and Claudio Esposito-Aiardo, Carasti offers its users on-demand car rental services in exchange for a monthly subscription fee. 
• In August 2021, Carasti raised a $3 million pre-Series A  round, led by Net Ventures with participation from Rua Growth Fund, along with a group of undisclosed investors.

 Press release

Carasti, the UAE-based car subscription service, has announced today that it will launch operations in Riyadh, Saudi Arabia on 23rd March 2022, allowing customers to subscribe to new and used cars for between 1 and 24 months for an all-inclusive subscription fee. The announcement comes following a successful bridge round where the company raised US$2m to help them drive growth and expand operations into Saudi Arabia. The round, which comes ahead of Carasti’s Series A funding round, saw participation from Net Ventures and Rua Growth Fund.

Launching with a Ramadan offer of 50% off the first-month subscription for new Saudi subscribers, 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 comes with buying a car. Carasti handles everything from vehicle registration, maintenance and servicing costs, roadside assistance, insurance and delivery.

To sign up to Carasti in Saudi Arabia, all customers need to do is download the Carasti mobile app where they can simply select a car, upload their driver’s license and National ID card, pay for their monthly subscription, and the car will be delivered to their doorstep within hours.

Claudio Esposito-Aiardo, CEO of Carasti, said; “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.”

With an ever-growing younger population and fast-growing female driver segment, the car rental and leasing market in Saudi Arabia is anticipated to grow to US$2.5bn by 2026 based on a recent Mordor Intelligence report, and Carasti is well placed to become a market leader in the Kingdom.

Carasti’s all-inclusive subscriptions are priced as little as SAR 1,799 per month, which covers every cost typically associated with car ownership and maintenance giving ultimate peace of mind to its customers. Carasti’s Ramadan offer can be used by entering the code “WOW50” when signing up to the Carasti app or website as a new subscriber.

“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.”, concluded Claudio Esposito-Aiardo.