Its headquarters Cairo Sylndr It raised 15.7 million dollars as it extends beyond the sales of used car via the Internet to the financing of cars, service and tools for merchants. The tour was led by Develop Partners International, and the follow -up investments included Algebra Ventures and Ncom.
The company, which operates in the market for fast -growing vehicles in Egypt, said that the last round includes both fresh stocks and previously undisputed seeds.
Sylndr also raised nearly $ 10 million in debt financing from local banks last year, raising its total since its launch to more than $ 30 million. Sylndr Rapid 12.6 million dollars before the seed Tour in 2022.
Omar El Difrawi and Omar MazenFormer executive officials in connecting local foods and e -commerce companies, established the used car platform in 2021 and initially focused on buying used cars directly from consumers, renewing them, and reselling them with guarantee and guarantee of money.
It has since developed into a broader platform for transportation, providing loans for digital cars, car service, and a third -party market.
“When we started work, we were mainly focused on the consumer problem related to the purchase and sale of cars,” said co -founder and CEO of his life in an interview with Techcrunch. “And when we started to expand the scope of business, it became clear to us that the market is much larger than that, and the creation of value for customers requires building other convincing business that is integrated with what we do.”
Egypt has more than 6 million cars on the road, with the increasing demand for used cars amid the reduction of the value of the currency and the high prices of new imports. In 2021, the government banned the imports of used cars, forcing the market to rely entirely on the local stock, which prompted prices to reflect the exchange rate.
As a result, used cars are sold in Egypt, while the number of new cars exceeds 3: 1, through agents who are not subject to organization or classified websites, where unofficial transactions are left buyers who carry most risks.
Sylndr sees an opportunity in this chaos, which is estimated to be a $ 10 billion market by giving the official nature to inspection, unified pricing, digital financing, and securing ownership processes.
EL Defrawy said the average selling price on the Sylndr platform ranges between $ 20,000 and $ 25,000. He explained that the number has been stable in dollars over the past three years, although the Egyptian pound is losing more than half of its value. This is because the prices of used cars in Egypt are marketed similar to the new imported cars, which are covered with dollars
Sylndr refused to share revenues or transactions, but sales have increased nearly ten times since 2022. Revenue in Egyptian pounds has increased 22 times during that period, and a five -time worker when adjusted to the dollar, as the CEO, who previously led funding in the discovery of Elmenus.
Drivation of the auto market in Egypt
Sylndr expanded out of car sales to three new visions is to reduce their dependence on stock and capital.
There is Sylndr Swift, a digital financing product that connects buyers with banks and controls. The platform provides funding approvals in less than 10 minutes, according to Edvawi. He added that Sylndr does not lend to its public budget.
In addition to Swift, Sylndr recently provided Sylndr Plus, which provides inspections, maintenance and service for cars sold on its platform. The third vertical, watering, is a trader market for consumers that allows third -party merchants to include and sell cars with Sylndr inspection, ownership transfer, and payments.
Each vertical is run under the name of his brand, but Sylndr combined it all into one mobile application-which leads to the creation of one store to buy, financing and manage cars. “We have completely merged these services to help customers buy, sell, finance, rent and serve their cars – and to help traders work more efficiently and go to digital,” said El Defrawy, a former investment banker.
He added that the company’s revenues are divided equally between direct consumer sales and B2B transactions with merchants. However, it is expected that the latest funding and sectors service will contribute to up to 60 % of the total profits within two years.
Sylndr currently works with more than 1,000 country traders and serves both buyers and sellers through their online channels and is not connected. While other regional players such as Attictcars, OLX and Outoshek, based in Nigeria, who made success in Egypt with Autotager in 2023, they have similar offers, El Dehwy says he does not see close competition in terms of providing a comprehensive solution to buyers and merchants through the value chain.
He says the infrastructure of inspection, renewal and banking partnerships in Sylndr makes it difficult for external players to repeat their model.
As such, unlike other startups in Egypt, which traditionally used its local market as a starting point for the Gulf, Sylndr plans to deepen its presence in Egypt, where the CEO confirms that it is “the largest car trading company used by size and value.”
Ashley Lewis, the administrative partner in the capital, DPI Venture, said: “Sylndr is building the digital spine to move in a market where access, confidence and financing have long been obstacle to ownership. Its integrated model collects trade, credit and technology to improve how Egyptians buy and sell cars mainly.”
This is the third deal announced by the recently launched VC company in London, after investments on the credit and credit platform in Egypt Moneyfellows And start operating PROPTECH Intend.
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