Carguru and OX Drive merger set to transform Latvia’s carsharing industry
The electric carsharing startup OX Drive has merged with Carguru, a leading carsharing platform in Latvia. As part of the deal, Eleving Vehicle Finance joined Carguru’s shareholders alongside its founders and earlier investors.
Founded in 2022, OX Drive quickly became Latvia’s largest electric carsharing platform. In just over two years, OX Drive users have covered nearly four million kilometers, significantly reducing CO2 emissions by approximately 500 tons compared to traditional gasoline-powered vehicles. This achievement highlights the platform’s contribution to more eco-friendly transport solutions in Latvia.
Since 2017, Carguru has been at the forefront of Latvia’s carsharing market. The merger adds over 200 electric vehicles, including premium Tesla and Audi models, to Carguru’s fleet, available through its app. With this expanded offering, Carguru enhances its commitment to sustainable urban mobility, further supporting the shift towards greener and more efficient transportation.
Oaklins’ team in Latvia acted as the advisor to Eleving Vehicle Finance, the majority owner of OX Drive, assisting with the evaluation of the M&A market landscape and exploring strategic options for their investment.
Talk to the deal team
Related deals
MG Cannon has been acquired by Steer Automotive Group
The shareholders of the UK automotive bodyshop repair group MG Cannon have sold the business to Steer Automotive Group.
Learn moreSurface Transforms Plc has completed an equity fundraise
Surface Transforms Plc has completed a fundraising. The funds will support the company’s working capital needs and expand its manufacturing capacity, further strengthening its position in the market.
Learn moreOmnetic, member of EAG Group, has raised growth capital from Kartesia and CVI
EAG Group has completed a first investment round for its Omnetic platform. The company was seeking growth capital of up to US$110 million in order to consolidate the CEE markets and finance its expansion to new geographies. The transaction was closed with Kartesia, the European specialist provider of capital solutions for small- and mid-sized companies, in partnership with CVI, a private debt investor based in Warsaw, Poland.
Learn more