“We Got Funded!” Dubai-based Ray Raises US$1.2 Million Seed Round to Launch Tap-to-Pay Powerbank Sharing in UAE and Scale Across GCC

Ray, a Dubai-based powerbank-sharing service, has raised US$1.2 million in seed funding from JET, a Kazakhstan-based kick-sharing company and private investors. The new capital will be primarily directed towards launching Ray’s Tap-to-Pay powerbank rentals in the UAE and scaling across the GCC.

The funding -mainly from JET co-founders Meirambek Abelkasov and Serik Uspanov- is expected to help expand Ray’s charging station network across high-traffic venues in the UAE, with the aim of reaching 2,000 locations by end of 2026.

Co-founded by Igor Kosolap and Roman Averianov, the company is focusing on expanding into HoReCa (hotels, restaurants, and cafés), as well as other high-demand locations such as universities, customer service centres, emergency rooms, and transport hubs.

“The main funds are being used to purchase new equipment, as well as technological upgrades and refinements to the existing know-how. Priority is given to all places where people spend a few hours, either hanging out with friends or waiting for something, with the service especially in demand in the evening,” said Kosolap, CEO of Ray.

“Our goal for this year is to create a large network so that residents and users can quickly become familiar with the new model of using a well-known service in the UAE,” he added.

Ray, currently operating in Dubai and Abu Dhabi, is introducing Tap-to-Pay rentals that allow users to rent a powerbank in around 15 seconds without the need to pre-register, download an app, or use the internet — a feature the company considers a key differentiator from existing powerbank-sharing services in the GCC. Equipment suppliers estimate that the model can increase station revenue by up to four times compared with app-only systems.

“In the UAE, powerbank sharing is already a known category, but it hasn’t gone mainstream yet, and there is still no clear market leader. The key reason is friction: most existing solutions require users to download an app, register, and link a card exactly at the moment when they urgently need a charge,” Averianov explained. “Ray removes this barrier. Users can rent a powerbank in 15 seconds with no app and no registration. This dramatically increases conversion, expands the user funnel, and improves overall monetization per location.”

The stations offer fast-charging powerbanks capable of charging smartphones from 20% to 80% in approximately 30 minutes, with enough capacity to recharge a device up to two times.

It has also integrated international payment acquiring and global IoT connectivity -systems that operate in more than 170 countries- allowing its stations to maintain stable connectivity while enabling seamless card transactions, designed to support Ray’s planned expansion outside UAE.

Despite launching at a time of market uncertainty, the founders said Ray continued to see strong demand, as it addresses a clear everyday need: phone charging.

“We’re meeting this need, and it doesn’t diminish during the crisis. We see how people’s traffic and habits change a little and adjust our placement plans accordingly, but this does not fundamentally affect our plans,” Averianov emphasized. “By implementing an innovative method and shortening the user journey, we’ve increased utilization exponentially, allowing us to remain stable even during the crisis.”

When asked for advice to founders raising capital during uncertain times, Kosolap said: “Every founder should remember that challenges are part of the journey — keep moving forward.”