DUBAI: Ride-hailing app Koi Ride Dubai has raised 11 million dirhams ($3 million) in equity despite witnessing a 74 percent drop in bookings in 2020.
Through the help of CEG Invest and Taurus Wealth, Koi Ride Dubai, which provides B2B ride-sharing services to the global travel industry, raised the funds through a strategic investor who joined the board of directors early in 2022, according to a statement.
The company also issued a 55 million dirham convertible bond secured by a pledge of its shares, which pays an 8 percent coupon on a quarterly basis. Moreover, it will pay an accumulated profit participation of 7.3 million dirhams at maturity, it added.
A Geneva and Dubai based asset management company has also invested 1.2 million dirhams in the convertible bond alongside the Swiss Private Bank, which has invested 7.3 million dirhams, it added.
Two other institutional investors have also committed over 11 million dirhams to facilitate KOI Ride’s growth plans, including a potential investment that would allow the company to expand to over 20 cities right away, the statement concluded.
