UAE mobility fintech startup Naran raises $10mn from Landel

UAE mobility fintech Naran raises $10 million from Landel to scale fleets and fintech offerings

Naran, a UAE-based mobility financing and fleet infrastructure platform, has secured $10 million in combined equity and debt financing from Landel to accelerate fleet expansion across emerging markets and to develop new fintech products. The funding will support scaling operations in Colombia, Peru, Senegal and Côte d’Ivoire, underpin Naran’s entry into new markets including MENA, and enable the rollout of additional asset-backed financial services.

“The vehicle is only the first product: each contract builds a driver’s first formal repayment history — the foundation for Naran’s broader ambition to become the asset-backed financing platform for emerging markets, where every product, from vehicles to future credit offerings, is secured by real assets and real repayment data,” the company said in its statement.

Naran was founded in 2025 by Bayaskhalan Alexeev and Alexander Gubarev. The company offers rent-to-own financing for cars and motorcycles with flexible terms ranging from 12 to 60 months. Naran purchases vehicles directly from manufacturers and partners with major ride-hailing and delivery platforms such as Yango and inDrive to place underbanked drivers on the road. According to CEO and co-founder Bayaskhalan Alexeev, “We address a critical financing gap in emerging markets, where ride-hailing and delivery drivers can’t access traditional bank loans due to irregular income or limited credit histories. Our goal is to make vehicle ownership accessible to mobility entrepreneurs, helping them increase their income and build financial security. At the same time, we solve the biggest constraint for ride-hailing and delivery platforms in these markets: supply. Every vehicle we finance is an active driver added to our partners’ marketplaces.”

Underpinning Naran’s expansion is a proprietary fleet management system that the company says runs its entire operation across markets — from driver onboarding and payment scheduling to utilization tracking, telematics and maintenance. By operating a single technology platform and consistent operating model, Naran aims to scale efficiently across geographies.

• Naran plans to open its technology stack to third-party fleet operators, offering fleet management software and internal automation tools as a SaaS product.
• The company intends to provide asset-backed debt financing for fleet expansion and, where economically justified, acquire fleet operators outright.
• Under this multi-fleet model, Naran treats other fleet operators as potential customers rather than competitors.

Aidar Musin, Managing Partner at Landel, said: “Naran is a rare combination in emerging markets: an asset-backed business where every dollar deployed is secured by a revenue-generating, GPS-tracked vehicle, run by a team with deep operational experience in these exact markets. The model generates hard collateral, daily cash flows, and proven unit economics – and the fleet management infrastructure behind it makes the model scalable well beyond the company’s own fleet. We look forward to supporting Naran’s next phase of growth across Latin America and Africa.”

Looking ahead, Naran has set measurable targets for 2030: operating in 10 countries, creating 30,000 income opportunities and deploying fleets comprising 10,000 cars and 20,000 motorcycles. The company’s strategy combines direct vehicle financing, technology-led fleet management and a roadmap to broaden financial services based on repayment data and asset collateral, positioning Naran as both a vehicle supplier and a nascent fintech lender for mobility entrepreneurs across Latin America, Africa and the MENA region.