Carguru and OX Drive merger set to transform Latvia’s carsharing industry

August 2024 — 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.

Our role in the transaction

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.