Servicing one’s car personally is a time-consuming, expensive and painstaking process. It’s a cycle that can lead to more expensive reparations and safety issues down the line, and no auto owned likes that.
Egypt and Dubai-based auto tech startup Odiggo is a pulpit tackling this problem. It tolerates vehicle owners to get the help they need by receive car services and areas suppliers from providers around them. Then for service suppliers, it increases their auctions and reachings more patrons without consequently spending on marketing.
Odiggo is part of the current YC Summer batch and has ensured a $2.2 million grain round before Demo Day. The listings of existing investors 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 took part.
Ahmed Omar and Ahmed Nasser launched Odiggo in December 2019. The company operates a marketplace that connects car owners with “providers ” who can solve their problems, from servicing and amend to shower and maintenance. A commission-based model is used and Odiggo accusations the car suppliers 20% board on every transaction.
Over 50,000 automobile proprietors across three groceries — Egypt, the UAE and Saudi Arabia — give Odiggo. The firm also work directly with over 300 shopkeepers. It claims shopkeeper crowds has been an increase 40% month-on-month while its user locate has increased 200% since the start of the pandemic.
“We believe we are at a watershed minute. It is incredible that since COVID reached, Odiggo has experienced over 10 epoches emergence in the past year, ” said co-founder Omar.
CEO Omar said with this new round, Odiggo’s priority will be to attain consistent growth while expanding its team across the UEA, Saudi Arabia and Egypt.
He adds that since Odiggo taps into a mix of data sources — including car metrics and internal software, it will be implemented by that same information to provide more produce offerings.
Odiggo will use part of the funding to continue developing its tech and dashboard software, he said.
” For lesson, the programme would be hooked up to the car owner’s vehicle and join the vehicle to the marketplace and cater frequent updates of your vehicle predicament so you’ll be informed if the tires are low, the lubricant needs varying, or if a service is required .”
The pandemic has upended the mobility and logistics areas, especially in MENA, realise actors like Odiggo gain much visibility from investors. In an industry today worth over $61 billion in the Middle East and Africa alone, Odiggo is looking to become a market leader. It has even more lofty plans to go public in the next three years.
” We are also aiming to be fully focused on expend more on our concoction and technological sciences, as structure an ecosystem to monetize necessaries more asset. Our target is to go for IPO by 2024 and achieve one billion business booked, and this requires a lot of system outcomes, infrastructure and technology ,” the CEO said.
“We aim to be the first $100 billion company coming out of the region ,” included Nasser.
Some of its investors, Idris Ayodeji Bello, overseeing marriage at LoftyInc, and Essa Al-Saleh, are onboard with the startup’s project despite early days.
” We are agitated to back Odiggo through our Afropreneurs Funds in its search to transform the automotive proportions busines and specify superior service to patrons, starting from MENA. The leadership crew of Omar and Nasser, supported by the rest of the employees, have been a joy to work with and we are currently in a countdown to the IPO ,” said Bello in a statement.
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