MySyara raises $400K, also announces $2.6 million acquisition

MySyara raises $400K, also announces $2.6 million acquisition 

By: Abu Dhabi SME Hub
News

MySyara acquires major parts distributor to integrate supply chain within its operations.

MySyara, a UAE based automotive start-up, has acquired a major auto parts distributor in the UAE for $2.6M. With the integration of the supply chain within its business operations, the start-up has launched ‘MySyara Supply,’ which aims to deliver seamless customer experiences.

MySyara also secured an additional $400,000 from its existing investor pool to further develop its service offerings as it continues expanding its operations in the region and internationally.

Launched in 2019, the start-up offers one of the region’s first car maintenance app, providing a one-stop-shop for complete car care solutions. MySyara has received $1.1M in funding to date and has recorded 600 per cent year-on-year revenue growth.

Chirenj Chandran, Chief Executive Officer, MySyara, said: “The auto care industry is deeply fragmented. A garage, on average, deals with 20-26 suppliers to source automotive parts. This traditional supply chain process can increase turnaround time for garages which results in delayed deliveries to customers. Through MySyara Supply, we have access to a wide range of auto parts sourced from local and international manufacturers. Therefore, we can identify and receive auto parts much faster, which enables our vendors to provide a more seamless experience to our end user.”

Currently, MySyara is present in the UAE and India. As the start-up eyes expansion, customers in Abu Dhabi, Sharjah, Ajman and Dubai can avail services including doorstep steam wash, full car service and car repair through the MySyara mobile application.

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