Naran Raises $10 Million to Expand Mobility Access in Emerging Markets

Naran, a mobility fintech startup focused on empowering ride-hailing drivers, has secured $10 million in funding from UAE-based investor Landel. This investment will accelerate the company’s expansion across Africa and Latin America, providing access to vehicles for entrepreneurs who lack traditional financing options.

Addressing a Critical Gap in Emerging Mobility Markets

Founded in 2025 by former Yango executives Bayaskhalan Alexeev and Alexander Gubarev, Naran addresses a significant challenge in fast-growing ride-hailing economies: drivers often have access to customers but lack the capital to purchase vehicles. Instead of requiring outright purchases, Naran offers rent-to-own agreements ranging from 12 to 60 months.

Beyond Vehicle Financing

The company’s approach goes beyond simply financing cars and motorcycles:

• Naran purchases vehicles directly from manufacturers
• It collaborates with platforms like Yango and inDrive for deployment
• The integrated fleet-management system tracks driver onboarding, payments, usage, and maintenance

This technology provides both ride-hailing companies with operational insights and drivers with a clear path to ownership.

Expansion Plans and Market Potential

With this funding, Naran aims to:

• Enter new markets including the Middle East and North Africa (MENA)
• Expand operations in Senegal, Côte d’Ivoire, Colombia, and Peru
• Offer its fleet-management technology as a SaaS solution

Analysts project that ride-hailing users in Africa will reach 268 million by 2029, representing significant untapped potential. Naran’s model could help unlock this growth by addressing the critical vehicle access barrier.

Financial Inclusion and Economic Impact

In regions where informal employment is prevalent—nearly 88% of jobs in sub-Saharan Africa according to the International Labour Organisation—Naran’s approach offers a pathway to participation in the digital economy. The company’s data on repayments and vehicle usage could also support future asset-backed financial products, further expanding access to credit.

With Landel’s backing, Naran is positioned to become a key infrastructure player in Africa’s mobility ecosystem, creating income opportunities for thousands of entrepreneurs.