UAE and Saudi Arabia-based startup Invygo has raised $10 million in series A funding led by MEVP as it further develops its long-term car subscription service. The startup, which was founded by Eslam Ahmed Hussein and Pulkit Ganjoo in 2019 so far has raised $14.3 million.
It counts Al Rajhi Partners, Arab Bank, Amana Capital, and Palm Drive Capital as its main investors. It also has backing from Signal Peak Ventures and Knollwood Investment Advisory, who have participated in the latest round.
“We’ve split the full payment of the car into three. Normally, you have a massive down payment of around 20% and then your monthly instalments with no way to get out of that commitment. Our starting fee is around 5%, and you can cancel your plan at any time without any penalty,” Ganjoo said.
Invygo offers three kinds of rental services – one is a short-term rental service that allows one to one to nine months. The other service is the long-term leasing option which allows users to rent a car for between a year and three years. There is also a subscription to own model, which offers brand new or semi-used cars on a 2–3-year rental period with a start fee that’s much lower than a traditional down payment.
Users for a short-term rental can go to its website and look for available cars and book a rental. Users have access to all kinds of information like model number, year of make, and km clocked by the vehicle in question. Users can also filter parameters like car type, fuel type, transmission type and color.
Invygo offers doorstep delivery, replacement of car, maintenance, regular insurance, and a 24×7 helpline. Invygo makes money by taking a cut of the subscription. It has around 200 cars in Saudi Arabia on its service and 100 cars in the UAE.