Founder and chairperson of Ousta Nader El-Batrawi said his company was able to secure a $1.25m bridge investment round on Sunday for capital increase. The round was led by angel investors and venture capitalists from Egypt and the United Arab Emirates, in exchange for a minority stake.
The $1.25m fund will be allocated towards developing Ousta’s team and increasing the service availability to meet the needs of the consumers, co-founder and CEO Omar Salah said. This will help in increasing the pace at which Ousta penetrates and expands in all main cities in Egypt, he added.
Ousta is passionate about creating job opportunities for both genders, Salah added, and improving the well-being of society through offering an optimised personal transportation experience, while saving the consumer’s time.
El-Batrawi said: “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.”
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.
Source: Daily News Egypt