Innovation Development Oman (IDO) has announced its investment in Carzaty, an online retailer of new and used cars based in the sultanate. The amount was not disclosed.
Carzaty was founded in 2017 and recently expanded to the UAE.
“We have achieved great success in Oman by combining a sophisticated online sales platform with the best-in-class customer service,” said Hassan Jaffar, managing director at Carzaty. “We are proud to have sold hundreds of cars since our launch…Now, together with the support of IDO Investments and our other shareholders, we can further build our capabilities in the UAE and reach other important regional markets, including Saudi Arabia and Kuwait.”
Mazin Al-Naamani, head of the Portfolio Impact at IDO Investments stated, “The Omani economy has a real and ambitious goal to amplify SME and startups business’ contribution to GDP and job creation. Major global economies rely on this segment to enhance their overall performance, and our investment in the Carzaty will serve as testimony to this thesis. With this investment, we expect Carzaty to expand further on a regional scale, and in turn, enter the global market and compete at the international level. We will support them to the best of our ability in developing their business, which will subsequently create an added value to Oman’s economy, both in terms of job creation for Omanis, as well as provision of world-class customer service to the national and regional market.”