Thursday 4 June 2020

UAE-based Invygo to launch in Saudi Arabia

DUBAI, March 15, 2020

Invygo, the Mena region’s first app-based car subscription, has signed its first car hire partner in Saudi Arabia, cementing the beginning of their expansion in the kingdom later this month.

Through its new partnership with Budget Rent a Car Saudi Arabia, Invygo will begin offering multiple brands of quality cars which are latest models for monthly subscription to the residents of Saudi Arabia.

Customers in Saudi will soon be able to subscribe to vehicles through the Invygo app with an all-inclusive monthly payment, with no deposits, long-term commitment or hidden fees involved.

Motorists pay monthly to drive the car, get it delivered to them, and can even request servicing, or return their car with the tap of a button whenever required. Invygo aims to attract users who are looking for a high-quality customer experience and an alternative to the traditional car ownership and leasing options.

After raising $1 million funding in its seed round just a few months ago, Invygo has already begun expansion to Saudi Arabia. Growing at a steady pace, the car subscription app plans to expand to more cities in Saudi Arabia and set foot into Bahrain and other GCC countries soon.

This landmark deal marks the company’s entry into the Saudi market. Operations will begin in Riyadh in this month and extend to cities like Dammam, Jeddah and other Saudi Arabian cities in coming months.

Co-founder and CEO Eslam Hussein commented: “We’re excited to enter the dynamic market of Saudi Arabia. This is our first ever partnership outside of the UAE which will help us bring a superior driving experience to Riyadh and eventually many more cities in Saudi Arabia.”

“The significant funding we’ve received has helped us grow and expand the Invygo platform to a second market in just a few months. Our business has grown significantly in the UAE and we intend to push it to greater heights through this deal with Budget Saudi.”

Fawaz Danish, president and group CEO of Budget Saudi, commented: “We are happy to be the launch partner of Invygo in Saudi Arabia. Budget Saudi is always looking to embrace new technologies and ideas that are disrupting the market. Offering latest model cars, friendly service and exciting customer experience on the first car subscription app in the Middle East will allow us to attract new, more tech savvy customer segments that prefer the flexibility that subscription offers.”

Ali Albanna, general manager of Invygo in Saudi Arabia, commented: “We are eager to start offering an affordable, stress and commitment free substitute to owning a car in Saudi Arabia. With Budget Saudi as our launch partners, we will be able to offer multiple models from highly demanded brands on our platform. Budget Saudi’s reach and expertise provides us with valuable support across the kingdom.”

Invygo was founded by Eslam Hussein and Pulkit Ganjoo whom are both IE Business School Alumni and have extensive experience in the automotive industry, finance and machine learning. Working in the automotive sector, Hussein first realised that there is a significant gap between today’s fast-paced consumer demands and the traditional, limited options offered in the market. With this insight, he began working on Invygo to eliminate the time-consuming process of car procurement. The focus was to make getting a car more customer-centric by giving consumers the ability to book a specific car, with the flexibility to change or upgrade as needed - all without owning a depreciating asset.

Budget Saudi, founded in 1978, is the largest car rental-leasing company in Saudi Arabia, with a fleet of over 29,000 vehicles. It is the largest franchisee of the ABG Group globally and operates in every region in the kingdom with around 100 retail locations. - TradeArabia News Service


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