Saudi Arabia-based mobility solutions platform Morni is planning to invest $10 million to target new acquisitions in Egypt in the mobility space through Exists.me, an acquisition and mergers (M&A) advisory firm.
The new buy-side mandate, which will run until 2023, prompts Exits.me to act as Morni’s exclusive advisor, helping them in their expansion strategy and fulfilling their growth objectives, according to a press release.
Launched in 2016, Morni bills itself as a superapp for towing and roadside assistance services. The startup enables users to obtain integrated logistics services for vehicles in emergency situations. It operates across Saudi Arabia and several GCC cities using a network of over 33,000 service providers.
Morni has been downloaded +2 million times, serving +1.20 million customers. To date, Morni has received funding of $14.7 million and continued to grow its product offering.
Under the newly signed mandate, Exits.me, which is already engaged in a pipeline of sell and buy-side advisory mandates with a tentative size of $250 million since its launch earlier this year, will be working to help Morni in its expansion strategy across multiple markets in the region within the sector of Road Side Assistance (RSA) & Automotive services.
The Global Vehicle Roadside Assistance Market size & share revenue was valued at about $23.60 billion in 2021 and is forecast to reach nearly $34.80 billion by 2030, at a compound annual growth rate (CAGR) of 4.10% between 2022 and 2030.
Shehail Alshehail, Managing Director of Morni, stated: "The opportunities within this sector are endless and highly underserviced, especially within markets that have ageing vehicles and are prone to the need for RSA […] The Egyptian Market will be a worthwhile new addition as we start multiple upcoming deals, and will get us closer to our goal to cover 100 million vehicles with our products by 2030.”
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