Riyadh, Saudi Arabia-based car-rental platform Telgani, earlier this week raised a six-figure sum in a seed funding round led by 500 Startups, Saudi Venture Capital Company (SVC), Impact46, with participation from a group of angel investors. The company will utilise the funds to enhance its car-rental services and expansion.
Commenting on the funding round, Abdulkader Almkinzy, founder & CEO of Telgani in a statement said,
“We are experiencing one of the most significant and important developments towards vision 2030, and we consider ourselves fortunate to be in the position to join this movement in building a more efficient and sustainable car rental industry,”
Sharing a few details about the marketing canvas of Telgani, Almkinzy further added,
“[Our] marketing strategy takes place within two interrelated segments. On the corporate market, we have a focus on airports and hotel surroundings. While in the leisure segment, our rental services target agency owned facilities that are conveniently located within most major roads and metropolitan areas,”
Affirming the confidence in Telgani, Basmah AlSinaidi, financial analyst at Impact46 said,
“Telgani is tackling a great opportunity in the car rental space, especially with customer behaviour currently changing to look for simple solutions of streamlining the long process of searching and renting transportation. We are proud of the Telgani team who are a top tier team that are playing a key role in the disruption of this market,”
Telgani was founded in 2018 in a move to enable people rent a car seamlessly through its mobile app. The company at present operates across over 20 cities in Saudi Arabia and recently expanded to the UAE. The company has enlisted over 300 service providers in the UAE. The company claims to have achieved a 300 percent year-on-year growth as of 2019.
Invygo that seems like a direct competitor to Telgani has also raised $1 million earlier this week.