Ray, a Dubai-based powerbank-sharing service, has agreed to acquire assets from JetCharge, a UAE-based competitor with more than 100 active locations across Dubai.
The deal was recently closed and covers JetCharge’s hardware, location contracts, and team. As part of the transition, the JetCharge brand will be fully integrated into Ray within two months of closing.
With the addition of JetCharge’s network, Ray will operate more than 250 locations across the UAE, becoming one of the largest powerbank-sharing operators in Dubai. The company is targeting 2,000 locations by the end of 2026, a scale that would position Ray as the market leader in the UAE.
The acquisition is a consolidation move built on a technology gap. Ray’s platform features Tap-to-Pay functionality that allows users to rent a powerbank in approximately 15 seconds by tapping a bank card, Apple Pay, or Google Pay directly at the station without an app, internet connection, or a charged phone required.
![[Image Credit: Ray official website (Stingray)]](https://intlbm.com/wp-content/uploads/2026/05/Ray-logo.png){kind=logo}
“JetCharge’s locations and team give us immediate density in Dubai. Combined with Ray’s Tap-to-Pay technology and our roadmap to expanding our operations in 2026, we have everything we need to become the leading powerbank-sharing service in the region,” said Igor Kosolap, CEO and co-founder of Ray.
As part of the deal, Talgat Rakhimgaliyev, general director of JetCharge UAE, will join Ray as chief operating officer. He will bring direct operational experience scaling a powerbank-sharing network in the UAE market.
“JetCharge’s hardware footprint combined with Ray’s Tap-to-Pay technology is a natural fit. It doubled Ray’s existing network while making the service more accessible for residents and tourists. Both sides win through higher utilisation,” said Talgat Rakhimgaliev, COO of Ray.
The acquisition follows Ray’s recently announced $1.2M seed round. In the longer term, the company plans to scale across the GCC and other countries, leveraging its IoT infrastructure and Tap-to-Pay platform to enter new markets beyond the UAE.
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