About ten months after Autochek expanded into North Africa with its acquisition of Morocco's KIFAL Auto, the mobility company has acquired a majority stake in AutoTager, an Egyptian automotive technology company that makes it easier to find and buy cars.
Founded in 2020, Autochek is digitizing the car buying process and is backed by investors including TLCom Capital, 4DX Ventures, Kepple Africa, and Golden Palm Investments. Similarly, AutoTager, founded in 2021, serves the same market segment in Egypt.
With the acquisition, the company said it now has a presence in nine African countries, including Nigeria, Ghana, Kenya, Uganda, and Egypt, with a network of over 2,000 dealers. Last year, it launched a vehicle financing service that allows customers to drive home after paying 30% of the car's value.
AutoChek's CFO, Olajide Adamolekun, commented on the deal, highlighting the importance of Autotager's founder -Amr Rezk's experience to the company's success in the region. “Amr’s background and track record is very impressive and we are delighted to have him on board. It will be invaluable as we continue our mission to drive further growth across the ecosystem.”
Amr Rezk also stated that Autochek's experience in the automotive industry will help AutoTager better serve its customers. “We are very pleased to partner with Autochek to pursue some important and unique automotive opportunities. The company's track record of running multiple automotive business models simultaneously provides a wide range of options and cutting-edge tools to deliver truly unique products to AutoTager's customers."
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