2021, The Year That Was: Eslam Hussein, Co-Founder, Invygo
The success invygo has seen so far is a testament to the potential of the car subscription market, which, globally, is expected to reach US$12 billion by 2027.
As per Eslam Hussein, 2021 has been an exceptionally strong year for invygo, the Dubai-headquartered car subscription app that he co-founded in 2018. In fact, he says that the business has grown 9x since April 2020, which has led to its leadership position being solidified in the car subscription market of the Middle East, North Africa, Pakistan, and Turkey (MENAPT). And all signs point to the company seeing further growth in the months and years to come. “Even with 40,000 cars on invygo, we are still unable to keep up with demand,” Hussein admits. “And that is why we are working in overdrive with our partners to ensure that customers always get the exact car they want.”
The success invygo has seen so far is a testament to the potential of the car subscription market, which, globally, is expected to reach US$12 billion by 2027. Here in the region, the sector may still be nascent, but Hussein expects it to see an explosion of growth in the near future. “Because financial inclusion is not widespread in our region, the ability to access a high-quality car is limited for the wider population,” Hussein explains. “Car subscription is making mobility more inclusive than ever before. The opportunity to not be tied down to traditional car ownership (and the various costs that comes with it) is fast making subscription the preferred option for drivers.”
All of this paints a rather rosy road ahead for invygo, and Hussein is hopeful that the company’s offering will have a positive impact on the region as well. “Access to cars can create unparalleled opportunities for people and economies, and through the flexibility of subscription, the net benefit for the region will be significant,” Hussein says. “Today, subscription is already part of the mainstream in Europe and the US, and we are excited about what it can unlock in the MENAPT region.”
Reflections 2021: Eslam Hussein, Co-Founder, Invygo
Focus on customer obsession and retention. “Tech businesses must look beyond pure sign-ups, and look at how they can have repeat customers. At invygo, we constantly listen to our customers, while using data and machine learning to create truly personalized experiences for them.”
Build a team of “cultural co-founders”. “We have a very high bar for recruiting, and we always want people better than us. In being very exclusive, invygo hires people who truly believe in changing how the region accesses mobility options. A company’s first 150 colleagues must be ‘cultural co-founders.’ They should directly shape the culture and way of working, while also having an equal voice in the business. This ensures that businesses are holding themselves to the highest performance levels always.”
Give back to the ecosystem. “Through our entrepreneurial journeys, we must remember to always give back. At invygo, we support efforts to upskill local talent as well as various entrepreneurship programs. We have a strong belief that the ecosystem will thrive only if we give to it, and we are committed to doing just that.”
Aby Sam Thomas is the Editor in Chief of Entrepreneur Middle East. In this role, Aby is responsible for leading the publication on its editorial front, while also working to build the brand and grow its presence across the MENA region through the development and execution of events and other programming, as well as through representation in conferences, media, etc.
Aby has been working in journalism since 2011, prior to which he was an analyst programmer with Accenture, where he worked with J. P. Morgan Chase's investment banking arm at offices in Mumbai, London, and New York. He holds a Master's Degree in Journalism from the Columbia University Graduate School of Journalism in New York.