UAE car servicing start-up raises $10mln in first funding round

New capital will be used to expand into other Gulf markets

Image used for illustrative purpose.

Image used for illustrative purpose.

Getty Images

UAE-based start-up Service My Car (SMC) has raised $10 million in its first seed funding round.

Launched in 2018, the car-servicing platform helps vehicle owners book their servicing and repair needs online. It posted a 200 percent growth within its first year and is now looking to expand into other markets in the Gulf Cooperation Council (GCC) region by the end of the year.

In a statement on Tuesday, the company said its first-ever funding round managed to raise funds led by Bahwan from Oman.

“With the infusion of this capital, we are looking forward to extending this convenience, affordability and transparency to all GCC car owners,” said Ozair Puda, chief executive officer of SMC.

“We are hoping to extend our services offered with car detailing, service contracts, roadside assistance, 4X4 accessories, car insurance, car rental and mobile service to become the one-stop online solution for all car needs,” Ozair added.

SMC’s app allows customers to book their car service online, have their car collected and delivered at a time and location convenient to them, and track the progress of the repair works.

The coronavirus pandemic has brought a significant shift in customer behaviour, pushing brick-and mortar businesses to innovate.

SMC’s offering could be timely, given the huge demand for remote solutions. “It is an emerging time for the automotive ecosystem as investors are noticing the benefits of technology and digitisation in the industry,” noted Puda.

(Writing by Cleofe Maceda; editing by Seban Scaria)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021

More From Alternative Investments