Invygo

invygo operates an app-based car subscription platform in the Middle East, letting customers choose, drive, swap and ultimately own vehicles without a bank loan or dealership visit. Its product range covers month-to-month plans with no deposit and the ability to swap or cancel after the first month, short-term weekly and daily rentals, and a "Subscribe to Own" (STO) plan under which the customer takes ownership of the vehicle after 36 months. All plans bundle insurance, maintenance and roadside assistance into a single monthly payment, and the STO product is presented as free of interest (riba) and compliant with Islamic finance principles.

The customer journey is fully digital: users select a plan and car from a catalogue of more than 500 vehicles, upload documents online with most approvals completed within hours, and receive the vehicle by doorstep delivery in more than 15 cities across Saudi Arabia and the UAE. The company describes availability across Saudi Arabia, the UAE and Qatar, and offers brands ranging from mass-market marques such as Toyota, Nissan, Hyundai, Kia, Mitsubishi and MG to luxury models including Range Rover and BMW.

The company positions its model as a response to low motorisation rates in MENA caused by high upfront costs and restrictive financing, targeting consumers who are underserved by traditional bank auto lending. Growth has been driven particularly by the Subscribe to Own product in Saudi Arabia, where access to car financing has historically been constrained.

Founding story

The company was founded by Eslam Hussein, who serves as co-founder and CEO, and Pulkit Ganjoo, co-founder and Chief Data Officer (earlier described as Director of Data Science). Sources give differing founding dates: the company's own About page states it was founded in 2018 and headquartered in Dubai, while press coverage reports it was founded in the UAE in 2019.

Business model

invygo charges recurring subscription fees for vehicle access, priced from 1,500 per month for flexible monthly plans, 1,850 per month for 36-month Subscribe to Own contracts, and 350 per week for short-term rentals, with insurance, maintenance, servicing and roadside assistance bundled into the fee. The company has been described as asset-light: it does not own the cars supplied to customers but sources them through partnerships with car distributors and rental companies. Management has stated a focus on unit economics and customer lifetime value, with profitability expected by the end of FY 2024.

Recurring monthly or weekly subscription payments from consumers, with the Subscribe to Own plan generating 36 months of payments before ownership transfers to the customer; insurance, maintenance and roadside assistance are included in the fee rather than billed separately.

Traction

The website reports over 20,000 active subscriptions, more than $100 million worth of subscriptions, a catalogue of over 500 vehicles, coverage of 15+ cities and a 4.0 Google rating across 1,941 reviews. In October 2024 the company reported surpassing $100 million in annualised GMV and said it was nearing profitability, expected by the end of FY 2024.

Latest developments

In October 2024 invygo announced an $8 million Series A extension, closed in June 2024, from STV's newly launched NICE Fund — which provides non-dilutive capital through an equity-based structure — together with existing investors Al Rajhi Partners, Arab Bank Ventures, SPV, MEVP and C5. The company said it had surpassed $100 million in annualised GMV, was focused on unit economics and customer lifetime value, expected profitability by the end of FY 2024, and would continue expanding its Subscribe to Own offering.