Naran secures $10 million to empower gig economy drivers across emerging markets – Innovation Village

Naran, a UAE-based mobility financing and fleet infrastructure startup, has successfully closed a $10 million funding round comprising both equity and debt financing. Led by the investment firm Landel, this capital injection is earmarked to accelerate Naran’s mission of providing vehicle ownership opportunities to underbanked ride-hailing and delivery drivers.

Here is a detailed breakdown of the company’s business model, strategic goals, and the industry gaps it aims to close.

Naran at a Glance

The Business Model: Bridging the Gap for the Underbanked

Founded just last year by Bayaskhalan Alexeev and Alexander Gubarev, both of whom previously spearheaded the launch and scaling of ride-hailing operations for Yango across Latin America and Africa, Naran operates at the intersection of fintech and mobility.

The company tackles a pervasive issue in emerging markets: gig economy workers often lack the credit history or steady, verifiable income required to secure traditional bank loans. To solve this, Naran bypasses traditional financial roadblocks by purchasing vehicles directly from manufacturers and offering them to independent drivers through a rent-to-own financing structure.

• Flexible Terms: Drivers can choose payment plans ranging from 12 to 60 months.
• Direct Integration: Naran partners directly with major gig economy platforms like Yango and inDrive to seamlessly onboard these newly equipped drivers.

Bayaskhalan Alexeev, CEO and Co-founder, explained:

We address a critical financing gap in…