UAE-based autotech startup WheelsOn has raised $12.5 million in a mixed round comprising $2.2 million in equity, $6.5 million for fleet expansion, and $4 million in bank financing. The equity portion included participation from MENA-focused private investors, among them partners of Xploration Capital.
Founded in 2023 by Nikolay Melnichuk, Adlet Shagirov, and Maxim Olivson, WheelsOn operates a fully digital, deposit-free car rental platform designed to eliminate hidden fees, paperwork, and large upfront security deposits – pain points that continue to frustrate customers in the region’s traditional rental market.
The fresh capital will support fleet growth, product development, and the rollout of new AI-driven features such as dynamic pricing, personalised recommendations, and digital car keys for contactless rentals.
Unlike aggregator platforms, WheelsOn owns and directly operates its fleet, giving it full control over pricing, vehicle quality, and service standards. Its proprietary fleet management system allows for real-time tracking and predictive maintenance, enabling the company to cut costs and remove deposits altogether.
“We remove deposits completely, eliminate paperwork and counter queues, and give customers a seamless experience all through our intuitive mobile app and website,” said co-founder and CPO Maxim Olivson.
The startup currently serves a diverse base of locals, expats, and tourists, offering multi-language support across English, Arabic, Chinese, and several European languages. WheelsOn also targets business customers with premium cars and chauffeured vans, and provides airport or hotel delivery for tourists.
