Dubai-Based Ray Pockets US$1.2 Million To Expand Its Power Bank Sharing Service Across The GCC

Dubai-based power bank sharing service Ray has raised US$1.2 million in a seed round led by private investors, including Meirambek Abelkasov and Serik Uspanov, co-founders of the Kazakhstan-based kick-sharing firm, JET.  

Founded by Igor Kosolap and Roman Averianov, Ray aims to meet the demand for accessible mobile charging in high-traffic locations by offering portable charging stations installed across restaurants, cafés, malls, and other public venues, which allow users to rent a power bank from one station and return it to another within the network.  

The business traces its origins to April 2025, when it was established in Dubai under the name Stingray, with Averianov joining the company as a co-founder later that summer. In the lead-up to its commercial rollout, the company rebranded to Ray, before officially launching in November 2025 with its first station deployments and the start of revenue generation. Ray is now active in Dubai and Abu Dhabi, with plans to scale to 2,000 locations across the UAE by the end of the year, focusing on hospitality venues, shopping malls, and transport hubs, supported by both point-of-sale payments and a mobile application.  

Today, Ray’s approach centers on optimizing user experience and setting itself apart in a competitive market by leveraging its tap-to-pay feature as well as its fast-charging power banks. “Ray is differentiated by these two core factors," Averianov told Inc. Arabia. "Tap-to-pay removes the key friction of app-based services, and significantly expands the user funnel by capturing users who have a dead phone, are unwilling to download an app, have limited mobile data, or simply have no time to navigate a new interface. We already see this translating into ~3x more users compared to traditional stations, driven by a much lower barrier to entry. At the same time, fast-charge power banks materially improve the user experience, allowing most phones to charge from ~20 percent to 80 percent in about 30 minutes. This creates a strong preference shift, once users experience this speed, they are far less willing to use standard, slower alternatives, reinforcing retention and repeat usage.” 

Through its tap-to-pay functionality, Ray allows users to access charging without installing an application. According to equipment suppliers, tap-to-pay functionality can increase rental conversion rates and station revenue by up to four times compared to app-only systems, with Ray stating it is currently the only provider in the GCC offering this feature. The company has also integrated international payment acquiring and global internet of things (IoT) connectivity, which can enable operations across more than 170 countries and support future expansion beyond the MENA region. 

An example of Ray's offering in a cafe.

At a time when consumer-facing sectors across the region are under pressure, Ray’s co-founders argue that their business is positioned to withstand the downturn. “We’re solving a basic need—staying charged," Averianov pointed out. "This demand doesn’t go away in downturns and often increases as phones become even more critical for daily life (payments, navigation, work, and artificial intelligence (AI) assistants. And our model is low-ticket, making it more resilient than big discretionary spending categories.” Kosolap added, “We also believe tough markets are the best time to build. If we can scale now, we’ll move significantly faster in better conditions.”  

But Averianov admitted that raising capital in the current environment has been challenging. “Raising funds for this category has never been easy, and the current environment has made it noticeably tougher," he said. "Some investors stepped back due to higher perceived risk and macro uncertainty. Despite that, we secured the capital needed to execute our plan. Now we are focused on becoming a market leader in the region within the next six months.”  

As Ray now looks ahead to its next phase of growth, Averianov and Kosolap reflected on the lessons that have shaped how they are building the business. “During the launch, we faced a large number of problems and mistakes, which turned out to be a natural part of building a startup," Kosolap shared. "The key lesson is not to avoid them, but to identify and fix them quickly, continuously iterating on the product and operations. The geopolitical environment added extra complexity, but it also created unexpected opportunities we were able to capture.” 

Kosalap also shared key takeaways that he has gained from the fundraising process he and Averianov went through for Ray. “Start fundraising far before you need it," he advised. "It’s a long process, and waiting until you urgently need capital puts you at a disadvantage. Also, target the right investors. Those who understand your category (in our case, mobility and sharing economy). Finally, build visibility early. We underestimated this. By the time you start raising, the market should already know you, your product, and your traction.” 

Pictured in the lead image are Ray co-founders Igor Kosolap and Roman Averianov. All images courtesy Ray.