Saudi Mobility Solutions Platform Morni to Invest $10 Million in Egypt
Morni aims to digitise multiple roadside assistance services into one-super app for the region.
Morni, a Saudi-based mobility roadside assistance platform, has signed a new buy-side mandate with Egyptian fintech investment platform Exits.me to invest $10 million in Egypt’s mobility space.
This agreement will run until 2023 and will prompt Exits.me, which helps startups and SMEs with mergers and acquisitions, to act as Morni’s exclusive advisor throughout its expansion into the country.
Founded in 2015 by Salman Al-Suhaibaney, Morni provides roadside assistance, including towing, battery replacement services, tire changes, fuel delivery and locksmith services on the road. To date, the app has been downloaded more than 2 million times, and serves over 1.2 million customers across Saudi Arabia.
“The opportunities within this sector are endless and highly underserviced, especially within markets that have ageing vehicles and are prone to the need for RSA [Roadside Assistance],” Shehail Alshehail, Managing Director of Morni, tells StartupScene. “We are excited to reach strategic milestones in establishing the first deals with multiple partners presented to Morni by the Exits team over the next period. The Egyptian Market will be a worthwhile new addition as we start multiple upcoming deals, and will get us closer to our goal to cover 100 million vehicles with our products by 2030.”
Under the new agreement, Morni aims to digitise multiple roadside assistance services into one-super app for the region, starting with the Egyptian market.
The Global Vehicle Roadside Assistance Market was valued at approximately $23.6 billion in 2021 and is expected to reach around $34.8 billion by 2030, according to US research company Custom Market Insights. Meanwhile, the MENA region is considered an unsaturated market, creating room for market expansion.
The startup is also expanding its service lines to provide limited edition vehicles to elite clientele across the region through partnerships with luxury car providers and insurance services, such as Bently, Ferrari, Infinity and Lamborghini.
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