Carguru, a Riga-based car-sharing company, has announced the acquisition of OX Drive to establish the largest electric car-sharing service in Latvia. The acquisition provides over 200 new electric cars, including Tesla and Audi models, which are exclusively offered via the Carguru mobile app.

About the companies

  • OX Drive is an electric car-sharing and long-term rental service, which was founded in 2022 by Egija Gailuma, Kristians Karlsons, Kristaps V., and Juhan Kaarma. The service is available in Riga, Jurmala, Marupe, and other adjacent cities. The company's fleet consists of over 100 Tesla automobiles and several Porsche vehicles.

  • Former OX Drive investors include Planet 42 CEO Eerik Oja, Estonian entrepreneur Einar Roosileht, Latvian entrepreneur Roberts Stugis (partner at Callidus Capital), Renat Lokomet (venture partner at Raw Ventures Global), and Austrian early-stage investor Christoph Filnkößl. Eleving Group, a Latvian finance company, was the startup's major shareholder, owning more than 50%.In June 2023, all of these backers contributed €2.5 million to the company's capital. In October 2023, OX Drive announced a €2.8M deal with Industra Bank.

  • Carguru (LLC Slyfox), established in 2017 by Vladimirs Reskājs, is a car-sharing service in Latvia offering temporary rentals that included insurance, fuel, and parking charges. Carguru's mobile application allows customers to register, open, and close cars. The business has electric and hybrid cars in its fleet.

  • Carguru claims to be a pioneer in Latvia's car-sharing business. The company, which serves residents and visitors to Riga and Latvia aged 21 and up with at least two years of driving experience, will soon offer an even more environmentally friendly option to transportation.

M&A details

Following the official merger of Carguru and OX Drive on August 30, Carguru founder Vladimir Reskajs will continue to run both firms under the Carguru brand.

“Our customers have long been asking about Tesla and other electric cars to be added to our fleet. We always strive to ensure that our customers receive the best service and options, so acquiring OX Drive was a logical step in our development,” Carguru founder, Vladimirs Reskājs, comments.

The merging of Eleving Group's OX Drive with Carguru is an advantageous decision that will strengthen Carguru's position in the market by extending its fleet with premium electric vehicles. This agreement enables Carguru to provide its consumers with the most up-to-date technologies and sustainable mobility solutions.