UAE based Invygo utilizes Blockchain to reimagine Car Ownership

Dubai based Invygo, is a recently launched startup that is making car ownership a thing of the past. UNLOCK met with Eslam Hussein, Co-Founder and CEO at Invygo to discuss their startup and the future of mobility.

According to Eslam, “Invygo is a car subscription application that enables customers to utilize a car in an easy, affordable, and flexible way. We work with car dealers, and car manufacturers to provide our customers with the car of their choice, for the duration they want with no attachments or headaches. All this is done in a simple and no hassle way.”

Eslam adds, “The millennium generation of today is more about having experiences rather than owning something. In the UAE alone car sales have dropped 50% since 2015. The market in MENA for car sharing and rental is approximately $ 7.3 Billion and globally it reaches$373 Billion. Even with car hailing services such as Uber and Careem our recent surveys found that people still enjoy driving but yet don’t want the headache that comes with car ownership. At the same time car dealers and manufacturers want to be able to optimize their inventory of pre-used cars.”

Invygo utilizes technologies such as machine Learning and Blockchain to enhance user experience when utilizing the Invygo application. Eslam explains, “We use machine learning to improve our understanding of customers’ requirements as well as provide real-time optimized pricing of vehicles using realtime data and other analytics. The Ethereum blockchain platform will connect our partners and customers in a secure, transparent and easier way.”

In the future Invygo will not only be offering car subscription services but even add car purchasing via bank loans with insurance offering and so forth. Here blockchain becomes essential when bringing together all these players in one seamless journey for the customer. As Hussein explains, “A customer utilizing their mobile application, can choose a car, get a bank loan, sign up insurance without ever leaving their chair.”

Today Invygo has been chosen by Misk Innovation and 500 startups as one of the 19 startups that will be accelerated in KSA. Eslam noted, “Misk have been amazing. Aside from the pre-seed funding they provided they also made available expert mentors brought in from Silicon Valley. These mentors not only have an understanding of the sector but also hands-on experience in launching startups like ours. We are very proud to be part of Misk Innovation and 500 startups program.”

on the expansion of operations, He adds, “We are already in talks with partners in KSA to provide our service there.”

In the future the international team that makes up Invygo hope to make a big difference and show MENA startups that dreaming big and achieving your dreams is possible. Eslam says, “Our drive and passion is to disrupt the future of mobility not only in MENA but globally and hopefully have an IPO and then invest in the dreams of other startups. We believe in the potentials and we love the region.”