UAE-based mobility fintech startup Naran has raised $10 million in equity and debt financing from Landel to expand vehicle financing and fleet operations across Latin America and Africa, while entering new markets and launching fintech products.
Naran, a UAE based mobility financing and fleet infrastructure company, has raised $10 million in equity and debt capital from the UAE based investment firm, Landel. The money will be used to fuel the company's growth in Latin America and Africa and to enter new markets.
The funds will be invested in scaling up the mobility fleets in Colombia, Peru, Senegal and Côte d'Ivoire. Naran is also readying itself to explore new markets in the Middle East and North Africa, and is set to launch in Paraguay in September 2026.
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Naran is a company founded in 2025 by former Yango executives Bayaskhalan Alexeev and Alexander Gubarev that offers rent-to-own financing for cars and motorcycles. It is developed for a group of people who have irregular income or poor credit history, which often makes it difficult for them to get regular bank loans.
Naran directly buys vehicles from car manufacturers and collaborates with mobility platforms like Yango and inDrive. Drivers can finance through 12 to 60 month periods to access vehicles for a longer period of time.
The startup has also created a fleet management solution for driver onboarding and payment scheduling, vehicle utilisation, telematics and maintenance. This technology enables Naran to run its operations from various markets with a single system.
The company intends to utilize this technology in more vehicles than just its own. Naran plans to sell fleet management software as a software-as-a-service (SaaS) offering and asset-backed financing to fleet operators to help them grow their fleets.
Naran also intends to leverage the data from each financing agreement to build a larger asset-backed lending platform. The company's goal is to create financial products based on vehicles and repayment records.
The new investment follows the surge in demand for ride-hailing and delivery services in emerging markets. A shortage in financing for vehicles still exists for many drivers, enabling other financing options.
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The expansion strategy involves Latin America, Africa and MENA and by 2030 the company aims to be active in 10 countries. It will provide some 30,000 jobs and roll out fleets of 10,000 cars and 20,000 motorcycles.
Landel's investment will be used to boost the fleet infrastructure, extend financing programs, and create new fintech services for Naran. The company is marketing its technology and funding as a method of linking vehicle ownership to income generation in new mobility markets.