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The UAE-based automotive startup MySyara made major money moves today with the announcement of its latest fundraise and acquisition. After raising $400K from its initial investors that includes key angel investor Steve Mayne to further expand its market operations, MySyara announced its acquisition of a major auto parts distributor in the UAE valued at $2.6M
Launched in 2019, the start-up offers 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 a 600% YoY revenue growth. Based on MAGNiTT’s July 2021 Venture Investment Dashboard, the UAE observed a 24% drop in number of deals YoY in the first month of Q3, equating Saudi Arabia in closing 23% of total transactions in MENA.
The MySyara app offers complete car care solutions, allowing users to schedule an appointment for car maintenance services, including doorstep car wash, oil change, car servicing, detailing, and car repairs, amongst many other on-demand car care services, booked remotely. With this latest acquisition resulting in an integrated supply chain, MySyara can now diversify its offering and expand its market reach. Chirenj Chandran, Chief Executive Officer, MySyara, commented on this potential: “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 result 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. With the integration of supply chain within its business operations, the start-up has launched ‘MySyara Supply’ which aims to deliver seamless customer experiences. As the start-up aims for 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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