KOI Ride, B2B ride-hailing services startup, closed a $3 million round with investment from CEG Invest and Taurus Wealth Financial Advisors. Along with the equity raise of $3 million, the startup has issued a $15 million convertible bond secured by a pledge of its shares. A Swiss Private Bank has invested $2 million anchor money in the Convertible Bond besides another $0.35 million by a Geneva and Dubai-based asset management company.
KOI Ride is a tech startup company headquartered in Dubai, providing B2B ride-hailing services for the global travel industry. KOI’s proprietary technology is the core of the revolutionary end-to-end ground transport provider, connecting online booking portals with licensed transportation providers around the globe, enabling travellers to book their customised airport transfers and helping drivers increase their efficiency and earn more.
KOI Ride commenced its ride-hailing operations in 2018. The widespread COVID-19 pandemic led the company to revamp its strategy by launching its services in selected cities with high tourism frequency including London at the end of 2020, followed by Barcelona, Lisbon, and Istanbul in 2021.
Riyaz Alambath CEO and co-founder commented, “We have seen the travel industry recover at a tremendous pace in 2022, people are excited to travel once again and we are on pace to hit 2019 numbers. With airport transfers being one of the most profitable products for Online Travel Agencies and people leaning more towards a private transfer than a shared one post COVID”
The company offers its services in Dubai, London, New York, Las Vegas, Cancun, Istanbul, Bodrum, Antalya, Izmir, and Dalaman. It aims to go live in additional 24 cities in the Americas, Europe and the Middle East this year.
“KOI Ride is positioned perfectly to take advantage of the recovery. Through the use of our technology, we are helping OTA’s standardise the quality of service globally with the aim of increasing the global market size” concluded Ghassan Muradwij, CFO and co-founder.