Pakistan's Roamer raises six-figure seed to offer chauffeur-driven cars on rent by the hour
Summary
Islamabad-based hourly car rental startup Roamer has raised six-figure (USD) seed investment, it told MENAbytes today without disclosing exact size of the deal. Currently available in Pakistan’s capital Islamabad, the startup allows users to book cars at flat, hourly rates that include unlimited fuel and stops, and are never subject to surge pricing. Mohammad, who has previously worked for the leading investment banking and private banking institutions across the world, and has also raised capital for tech startups and VC funds in the United States (as part of his job), speaking to MENAbytes said that they would be investing majority of the funds on user acquisition and retention. There are numerous examples of local competitors in this region successfully competing with a large incumbent, including that of Careem itself,” he explained in a conversation with MENAbytes. The startup plans to expand to Lahore and Karachi later this year but currently wants to focus only on Islamabad, “Surprisingly, Islamabad actually has a larger addressable market for our business than Lahore or Karachi, and since we are already active here it also offers us the lowest CAC.” The CEO thinks that their model is the optimal solution for emerging markets with scarce mobility options and plans to explore international expansion next year.