Egyptian-based ride-hailing app Ousta has secured a $1.25 million USD bridge investment round which was led by angel investors and venture capitalists from Egypt and the United Arab Emirates, in exchange for a minority stake.
Chairperson of Ousta, Nader El-Batrawi said that the $1.25m fund will be allocated towards developing Ousta’s team and increasing the service availability to meet the needs of the consumers.
“We are proud to be a local company founded by Egyptians, with a main focus to have a strong and recognisable presence in our home country before expanding to any other country” El-Batrawi said.
Ousta is the first Egyptian application for ride services, and since its launch five months ago, it has been able to achieve 30% of weekly growth rates, while operating in 11 cities.
It operates in the very tight Egyptian market where U.S ride-hailing Uber and Dubai’s Careem are the majority but aims to be distinct by offering various additional features such as the “SOS button” which when pressed by a rider mid trip, summons the urgent attention and intervention of an emergency team to increase riders’ safety on the road and the “Live Fare” option, which allows the rider to see the fare calculated in real time as the trip progresses.
This, according to the founders, includes riders in the process instead of relying on fare estimates and roughly calculated total fares.
“We passion the shared economy business model, because it fundamentally helps the cities we work in by creating thousands of jobs for both genders, improving household incomes, optimizing personal transportation, saving customers’ precious time, and also decreasing carbon emissions, which improves our air quality, our main goal is not just to build a strong and profitable business, but to participate in building better economy and environment,” said Omar Salah, co-founder and chief executive officer (CEO) of Ousta.