Dubai - Sharikat Mubasher: The UAE-based mobility financing and fleet infrastructure platform, Naran, secured $10 million in equity and debt financing from Landel, a UAE-based investment firm, to fuel its expansion in the upcoming period.
The new capital will support Naran in rolling out new fintech products, scaling its mobility fleet in Colombia, Peru, Senegal, and Côte d'Ivoire, and fueling its expansions into new markets across the MENA region, the company announced in a press release today.
As part of its expansion strategy, Naran plans to open its technology stack to third-party fleet operators across its markets, offering fleet management software and internal automation tools as a SaaS product, and providing asset-backed debt financing for fleet expansion.
Naran provides rent-to-own financing for cars and motorcycles, enabling independent drivers to access vehicles through flexible terms ranging from 12 to 60 months. It buys vehicles directly from manufacturers and partners with major ride-hailing and delivery platforms, including Yango and inDrive, to put underbanked drivers on the road.
Bayaskhalan Alexeev, CEO and Co-founder of Naran, said: “We address a critical financing gap in emerging markets, where ride-hailing and delivery drivers cannot access traditional bank loans due to irregular income or limited credit histories. Our goal is to make vehicle ownership accessible to mobility entrepreneurs, helping them increase their income and build financial security. At the same time, we solve the biggest constraint for ride-hailing and delivery platforms in these markets: supply. Every vehicle we finance is an active driver added to our partners' marketplaces.”
By 2030, Naran aims to operate across 10 countries, create 30,000 income opportunities, and deploy fleets of 10,000 cars and 20,000 motorcycles. The company's expansion creates opportunities for UAE-based innovation and cross-border business growth, bringing global market activity and revenue streams to the UAE ecosystem.
