KOI Ride, a B2B ride-hailing service startup, has raised $3 million with investment from CEG Invest (DIFC) and Taurus Wealth Financial advisors (DIFC). In addition to the equity raise of $3million, the startup issued a $15m convertible bond that was secured by its shares. A Swiss Private Bank invested $2 million in the Convertible Bond and another $0.35 Million by an asset management company based in Geneva and Dubai.
KOI Ride, a Dubai-based tech startup, provides B2B ride-hailing services to 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 started its ride-hailing services in 2018. The COVID-19 pandemic prompted KOI Ride to rethink its strategy and launch its services in certain cities, such as London, Lisbon, Barcelona, and Istanbul at the end 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”
It offers services in Dubai and New York as well as Istanbul, Bodrum. Antalya, Izmir and Dubai. It plans to launch in 24 additional cities across the Americas, Europe, and 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 standardize the quality of service globally with the aim of increasing the global market size” concluded Ghassan Muradwij, CFO and co-founder.