Carzaty Launches in UAE with $4M in Funding
December 17, 2019 – Dubai, UAE – Carzaty, an online retailer for new and assured used cars, is celebrating its launch in the United Arab Emirates. The rapidly growing e-commerce startup taps into the latest technology to offer a more affordable and convenient way to buy cars.
Founded in 2017, Carzaty has raised USD 4 million in funding to date, and most recently announced a strategic investment from Innovation Development Oman (IDO Investments) to accelerate the company’s growth plans in the region.
“Carzaty is elevating the auto retail market into the digital age, where buyers can search, compare, buy and finance cars from the comfort of their home. We are proud to have sold hundreds of cars since our launch in Oman in 2017, with hundreds of happy customers validating Carzaty’s new car buying experience,” said Hassan Jaffar, Managing Director and Chairman of the Board.
Carzaty replaces the large, expensive showroom with a simple and transparent digital experience, eliminating huge overhead costs. This innovative retail model enables Carzaty to sell cars for prices up to 25 percent less than traditional dealers.
Marwan Chaar, Managing Director of Carzaty, explained, “Carzaty offers the convenience and savings that we’ve all come to expect from e-commerce with the reliability that comes from buying directly from a trusted dealership. All cars in our inventory have been reconditioned to strict quality standards and come with warranties, giving customers peace of mind.”
“Speed of service and convenience are also key, especially here in the UAE. That’s why in addition to home delivery of purchased cars, customers can also schedule test drives for their preferred time and location,” Chaar added.
Carzaty was founded in Muscat, Oman in 2017 by Jaffar and Chaar, entrepreneurs whose backgrounds include McKinsey & Company, Stanford University and Harvard University. Together, the founders bring a long track record of investing and building technology-driven startups. In addition to IDO Investments, Carzaty’s shareholders include venture capital firms and strategic investors with roots in the automotive industry.
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