Cairo based Notice He raised $ 15.7 million as it extends outside the online car sales in car funding, servicing and tools for sellers. The International Fund Development Partner Development Fund has led a circle.
The company, which operates in the Egyptian rapidly, but insufficiently digitized vehicle market, said that the latest round includes fresh capital and previously unannounced seed financing.
Silndra also collected almost 10 million dollars financing from local banks in the past year, which made its total starting from starting to over $ 30 million. Silndr 12.6m dollar pre-seed was erected Circle 2022. year, the largest species in Africa.
Omar The DefraviFormer CEO at the local food detection platform, Elmenus, founded the platform of used cars 2021. year and initially focused on the purchase of used cars directly from consumers, renovating them and resale with guarantee and guarantee.
Since then, it has evolved in a wider mobility platform, offering digital car loans, car servicing and market for traders to third parties.
“When we started a job, we were primarily focused on the consumer problem related to the purchase and sale of cars,” said General Manager, El Defravi, in an interview with Techcrunch. “And when we started scaling it, it became very clear that the market would much higher than that, and creating value customers require to build other convinced companies that integrate with what we are doing.”
Egypt has over 6 million cars on the road, with the demand of used cars that grow in the middle of currency devaluation and growing prices for new imports. In 2021. year, the government banned the import of cars, forcing the market to fully reliever on domestic inventory, riding rides for the mirror of foreign exchange rate mirror.
As a result, used cars in Egypt, while countable new vehicles up to 3: 1, primarily sold through unregulated sellers or classified sites, where informal transactions leave customers who have most risk.
SILNDR sees the opportunity in that mess, which estimates the market of 10 billion by formalizing the process of inspections, standardized prices, digital financing and securing ownership transfers.
The average sales price on the Silndra platform is between $ 20,000 and $ 25,000, El Defravi said. He explained that the number remained stable in dollar conditions in the last three years, despite the Egyptian pound that lost more than half of its value. This is because used cars in Egypt on the market on the market in a similar import of new cars, which are in the form of dollars
Silndra refused to share the volume of income or transaction, but said that sales increased 2222 almost ten times. Years. Years. The revenue from Egyptian pounds rose 22 times during that period, the CEO, which previously encouraged the dollar, the CEO, previously brought for the dollar, the executive director, previously submitted for the dollar, the director who has previously brought for the dollar.
Digitizing Egypt’s Car Market
Expanding SilndR outside of car sales on three new verticals is a reduction in its dependence on stock and capital.
There is SilnDR Swift, a product for financing a digital car program that connects customers with banks and undervriters. The platform provides funding approvals in less than 10 minutes, according to El Defravi. Silndra does not borrow from one’s own balance, he added.
In addition to Swift, SILNDR recently introduced SILNDR PLUS, which offers inspections, maintenance and servicing cars that are sold on its platform. The third vertical, Al-Ajans, is a market retailer to consumers who allows traders to third parties to indicate and sell cars with SilndR handling, transfer and payment transmission.
Each vertical lasts under its own brands, but SILNDR integrated them into a unique mobile application that creates a single-stop shopping store, financing and managing car ownership. “We have completely integrated these services to help customers buy, sell, fund, rent and serviced their cars – and to help traders more efficiently and digitally,” El Defravi said, which is a former investment banker.
The company’s income is now evenly divided between the sale of direct consumer and B2B transactions with dealers, he added. However, he expects to contribute newer financing and servicing of vertical to 60% of gross profit within two years.
SILNDR currently works with more than 1,000 nation dealers and serves customers and online sales and offline. While other regional players, like Contactorcars, OLK and Nigeria AutoChek, have similar offers, El Defravi says that they do not see them as close competition in terms of ending a solution to achieve the end solution for customers and dealers.
SILNDR Infrastructure of inspections, renovations and banking partnerships makes it difficult for external players to repeat their model, he says.
As such, unlike other startups in Egypt, which traditionally used its registry market as a spring board, SilndR plans to deepen his presence in Egypt, where the executive is “the largest used car trading company by quantity and value.”
“Silndra builds a digital mobility mobility in which approaches, the trust and trading, loan and technology,” said Egyptians and selling cars, “said Egyptians buying and sell cars,” said Egypti Lewis, “Ashley Lewis said,” said Egyptians Lewis, “said Egyptians Lewis,” said Egyptians, “said Ashley Lewis,” Ashley said Lewis, “Ashley Lewis said.”
This is the third job that announced a recently launched London VC company in the past month, after investing in digital savings and credit platform in Egypt Moneifello and starting propech Bend.
Other VC companies, including algebra endeavors, capital Nuva, raed venture, Egyptian bay for the bay, uncovered fund, capital in Beltin, and camels, participated in a circle.
