Tunisian ride-hailing and logistics startup IntiGo has raised a little over $1 million (TND 2.9 million) in fresh funds, it told MENAbytes on Friday. The investment came from local investment firm Capsa Capital Partners that invested about $710,000 and some angel investors. The new investment takes total money raised so far by IntiGo to $1.6 million. It had raised $300,000 from angel investors in February earlier this year and another $300,000 three months before that.
Founded in late 2019 by Bassem Bouguerra and Nebil Jridet, Tunis-based IntiGo had started as a motorbike hailing startup but has since expanded into different other categories too including different types of delivery services.
The motorbikes (scooters) on IntiGo's network are owned by the startup but the drivers are not its on payroll. They pay rent and a 20 percent commission on every ride, to IntiGo. It currently has a network of over 50 bikes that are used for both ride-hailing and delivery services. The Tunisian startup had launched its grocery and concierge delivery services in March earlier this year.
The concierge delivery service allows users to book an IntiGo captain to run their errands on an hourly basis for about TND 12 ($4) an hour and the grocery delivery service enables grocery stores to deliver groceries to their customers. The orders are taken and prepared by the grocery stores themselves with the delivery taken care of by IntiGo.
IntiGo was doing 12,000 rides a month before Covid-19. Their ride-hailing activities were hit badly by the pandemic (as the was a lockdown in place) but the transportation business is picking up slowly and they plan to open up to independent drivers (with their own motorbikes) next month.
Bassem Bouguerra, the co-founder and CEO of IntiGo, who has previously led different other startups and Tunisia's leading startup investor IntilaQ, speaking to MENAbytes, said that they will use the investment to further expand into existing categories that they're operating in and potentially explore other areas too including car sharing. He also said that having an institutional investor on board is another validation of their business model and value proposition.
He also said that they will use a part of the investment to hire more resources and build and internal R&D team.