Riga-based Carguru, a car-sharing provider, announced that it has merged with the electric car-sharing startup OX Drive, creating the largest electric car-sharing service in the country.
This strategic move strengthens Carguru’s market leadership by adding over 200 new electric vehicles, including Tesla and Audi models, to its fleet. These vehicles will be available exclusively through the Carguru mobile app.
OX Drive сo-founder, Egija Gailuma, says, “From the very beginning, OX Drive has championed green and sustainable solutions, setting a very ambitious goal – to change the transportation habits in Latvia with the best solutions offered by the global electric vehicle industry.”
“Today, looking back at what has been achieved, it is safe to say that electric cars are an excellent offering in the car-sharing industry, and such a service is here to stay.”
“We are confident that together with Carguru, we can ensure the transition to more sustainable mobility with much greater power, efficiency, and quality. I am glad that Carguru and OX Drive share the same values and that OX Drive will continue its journey with another strong partner,” adds Gailuma.
Aim of the deal
Eleving Group, a fintech company providing vehicle and consumer financing services across 16 markets, was the largest shareholder of OX Drive. In 2023, the Group reported a revenue of €189M, a net profit of €26M, and an EBITDA of €77.5M, having issued over €1.8B in loans to 660,000 customers worldwide.
The merger between Eleving Group’s OX Drive and Carguru is a strategic move that enhances Carguru’s market position by expanding its fleet with premium electric vehicles. This collaboration allows Carguru to offer its customers access to the latest technologies and sustainable mobility options.
Carguru is a company that claims to be a pioneer in Latvia’s car-sharing industry since 2017. Serving residents and visitors of Riga and Latvia aged 21 and older with at least two years of driving experience, Carguru will now offer an even greener alternative to car ownership.
By August 30, OX Drive will merge into Carguru, with its vehicles becoming exclusively available through the Carguru app. Post-merger, CEO Vladimirs Reskājs will lead the unified company under the Carguru brand.
OX Drive, launched over two years ago, became a popular platform in Latvia with its concept and access to Tesla vehicles. Its customers have travelled nearly 4 million kilometers and reduced CO2 emissions by 500 tons. The company serves 50,000 customers with a highly utilised fleet.
Besides, this merger enhances Carguru’s service offerings and solidifies its place among Latvia’s top three car-sharing companies.
Brief about Carguru
Carguru is a car-sharing platform offering a convenient alternative to car ownership. Customers pay only for the time they use the vehicle, with costs for fuel, insurance, and parking included.
The company provides complete car-sharing services and now features premium electric vehicles as part of its commitment to advanced mobility solutions.
Speaking about the merger, Carguru founder, Vladimirs Reskājs, says, “Our customers have long been asking about Tesla and other electric cars to be added to our fleet. We always strive to ensure that our customers receive the best service and options, so acquiring OX Drive was a logical step in our development.”
“Electric vehicles offer power, modern technology, and a more environmentally friendly way of getting around. This makes our service the best choice for customers who want to travel efficiently and comfortably in the city and beyond.”
“Now, in one app, you can access both hybrid and electric vehicles, which is very convenient for customers and aligns with our internal motto – we love our customers,” adds Reskājs.
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