UAE – KOI Ride, a Dubai-based B2B ride-hailing services startup, has secured $3 million in an investment round from CEG Invest and Taurus Wealth Financial Advisors (DIFC).
The startup has also issued a $15 million convertible bond secured by a pledge of its shares, in which a Swiss Private Bank and Geneva and Dubai-based asset management company have invested $2 million and $0.35 million, respectively, according to a recent press release.
The new funding will support the company’s expansion plans to 24 additional cities in the Americas, Europe, and the Middle East this year.
Established in 2015 by Riyaz Alambath and Ghassan Muradwij, the startup connects online booking portals with licensed transportation providers around the world through end-to-end ground transport services.
The CEO and Co-Founder of KOI Ride, Riyaz Alambath, 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.”
Meanwhile, the CFO and Co-Founder, Ghassan Muradwij, said: “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.”
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