Servicing one’s car personally is a lengthy, painstaking and pricey procedure. It’s a cycle that can result in more pricey repairs and safety problems down the line, and no vehicle owner likes that.
Egypt and Dubai-based automobile tech start-up Odiggo is a platform addressing this problem. It enables cars and truck owners to get the help they require by finding vehicle services and parts suppliers from suppliers around them. Then for the suppliers, it increases their sales and reaches more customers without always spending on marketing.
Odiggo belongs to the existing YC Summertime batch and has protected a $2.2 million seed round prior to Demonstration Day. The rosters of existing financiers participating in the round are Y Combinator, 500 Startups, and Plug and Play Ventures. Regional VCs like Seedra Ventures, LoftyInc Capital, and Essa Al-Saleh (CEO of Volta-Tucks) also participated.
Ahmed Omar and Ahmed Nasser launched Odiggo in December 2019. The company runs a marketplace that connects cars and truck owners with company who can resolve their problems, from servicing and repair to washing and maintenance. A commission-based model is utilized and Odiggo charges the automobile suppliers 20% commission on every deal.
Over 50,000 cars and truck owners across three markets — — Egypt, the UAE and Saudi Arabia — — use Odiggo. The company also works straight with over 300 merchants. It claims merchant numbers have actually grown 40% month-on-month while its user base has increased 200% considering that the start of the pandemic.
“We believe we are at a watershed minute. It is extraordinary that because COVID hit, Odiggo has actually experienced over 10 times growth in the last year,” said co-founder Omar.
CEO Omar said with this brand-new round, Odiggo’s concern will be to attain constant development while broadening its group across the UEA, Saudi Arabia and Egypt.
& L-R: Ahmed Nassir (co-founder) & Ahmed Omar (co-founder and CEO) He adds that since Odiggo taps into a mix of data sources– consisting of automobile metrics and internal software, it will utilize that very same info to supply more product offerings.
Odiggo will use part of the financing to continue establishing its tech and dashboard software application, he said.
“For instance, the platform would be hooked approximately the cars and truck owner’s automobile and connect the vehicle to the marketplace and provide frequent updates of your lorry condition so you’ll be informed if the tires are low, the oil requires altering, or if a service is required.”
The pandemic has upended the mobility and logistics sectors, specifically in MENA, making gamers like Odiggo acquire much presence from financiers. In a market today worth over $61 billion in the Middle East and Africa alone, Odiggo is aiming to become a market leader. It has much more lofty plans to go public in the next three years.
“We are likewise aiming to be totally concentrated on investing more on our item and innovation, as developing an ecosystem to generate income from needs more capital. Our target is to opt for IPO by 2024 and achieve one billion services booked, and this needs a lot of network results, facilities and technology,” the CEO said.
“We intend to be the first $100 billion business coming out of the region,” included Nasser.
Some of its financiers, Idris Ayodeji Bello, handling partner at LoftyInc, and Essa Al-Saleh, are onboard with the start-up’s strategy regardless of early days.
“We are delighted to back Odiggo through our Afropreneurs Funds in its mission to transform the automobile parts market and offer exceptional service to clients, starting from MENA. The management group of Omar and Nasser, supported by the rest of the workers, have been a delight to deal with and we are on a countdown to the IPO,” stated Bello in a statement.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.
Recent Comments