MyNextCar
Provides affordable, all-inclusive vehicle leasing to e-hailing drivers in South Africa.
| Date | Investors | Amount | Round |
|---|---|---|---|
* | $10.0m | Early VC | |
| Total Funding | 000k | ||
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MyNextCar (MNC) is a South African automotive e-hailing platform provider established in 2021 and headquartered in Johannesburg. The company operates with a mission to address unemployment by providing individuals with access to vehicles for ride-hailing purposes, primarily in partnership with Bolt. MyNextCar targets aspiring drivers who may not qualify for traditional vehicle financing, offering them a pathway to generate income and eventually own a vehicle.
The company's core business revolves around a rent-to-own model, which lowers the barrier to entry for drivers wanting to join the e-hailing market. This model allows drivers to make weekly payments for a vehicle, and after a set period, they can take ownership. For example, a 2023 Bajaj Qute, valued at R 85,000, can be rented for R 1,495 per week. The business generates revenue through these regular rental payments from drivers who use the vehicles on the Bolt platform. MyNextCar functions as a key fleet partner for Bolt, specifically supporting the 'Bolt Lite' category with fuel-efficient vehicles like the Bajaj Qute.
The service is structured as an all-inclusive package, simplifying operations for the drivers. This package covers vehicle maintenance, servicing, insurance, roadside assistance, and tracking, which are all included in the weekly rental fee. MyNextCar also provides a dedicated Driver Success team for training and coaching to help drivers maximize their earnings. In a significant milestone, the company secured $10 million in its first institutional funding round in June 2025. This investment, led by Emso Asset Management with participation from Bolt, E2 Investments, and Assemble Capital, is aimed at expanding the fleet by 1,500 vehicles to scale the Bolt Lite service. The company has a notable social impact, with over 700 drivers already enabled, 43% of whom are youth and 4% are women.
Keywords: vehicle leasing, rent-to-own cars, e-hailing, ride-hailing fleet, Bolt partner, driver financing, mobility tech, asset finance, South Africa transport, fleet management, automotive platform, driver empowerment, Bajaj Qute, Bolt Lite, vehicle access, shared mobility, youth employment, income generation, impact investing, transport solutions