Latvian car-sharing company Carguru acquires electric car rental startup OX Drive

Latvian car-sharing provider Carguru has acquired Riga-based electric car rental startup OX Drive.

It is an exit for former OX Drive investors, including Planet 42 CEO Eerik Oja,  Estonian entrepreneur Einar Roosileht (CIO at online casino and sports betting company Rush Street Interactive), Latvian entrepreneur Roberts Stugis (partner at corporate finance and investment advisory company Callidus Capital), and Renat Lokomet (venture partner at Raw Ventures Global), and Austrian early-stage investor Christoph Filnkoßl. The startup's largest shareholder was Latvian fintech company Eleving Group, which owned more than 50% of OX Drive. In June 2023, all these investors backed the startup with €2.5M. In October 2023, OX Drive entered into an agreement with Industra Bank for the allocation of €2.8M.

Founded in Riga in 2022 by Egija Gailuma, Kristians Karlsons, Kristaps V, and Juhan Kaarma, OX Drive is an electric car-sharing and long-term rental service. The service operates in Riga, Jurmala, Marupe, and other nearby cities. The company's fleet includes more than 100 Tesla vehicles and a few Porsches. 

Founded in 2016 by Vladimirs Reskajs, Carguru (LLC Slyfox) was the first car-sharing service in Latvia offering short-term car rentals with insurance, fuel, and parking costs included in the fee. The customer can register, open, and close the car through Carguru's mobile application. The company has hybrid and electric cars in its fleet.

After the merger of Carguru and OX Drive, Carguru founder Vladimir Reskajs will continue to lead both companies under the Carguru name. The integration of OX Drive into Carguru's operations will be completed by August 30. Carguru's fleet will increase by 200 electric vehicles, including those from Tesla and Audi manufacturers.