Monday
February 27
2023

Planet42 Raises $100 Million to Scale Its Vehicle Rental Offering in South Africa and Mexico

By Johnstone Kpilaakaa

According to a 2022 car rental report by Mordor Intelligence that describes Africa and South America as “low-growth” regions, the global car rental market was worth $119.28 billion in 2021 and is expected to reach $223.07 billion by 2027 with a cumulative annual growth rate of more than 11% between now and 2027.

Despite this classification, some African startups operating in the sector have continued to make efforts that will enable their participation in this multi-billion dollar market. For instance, Nigeria-based Treepz recently expanded to its fourth African market.

Photo courtesy of Ivan Shemereko.

Source: Benjamindada.com (link opens in a new window)

Categories
Transportation
Tags
innovation, startups, transportation