Autochek’s co-founder and CEO Etop Ikpe (left) and KIFAL Auto’s founder Nizar Abdalaoui Maane (right)
In September, Nigerian automotive tech company Autochek acquired Cheki Kenya and Uganda from Ringier One Africa Media (ROAM) months after acquiring the Nigerian and Ghanaian wings. The startup mentioned plans for an African expansion and said it was looking at venturing into North and South Africa. “We are speaking to a few partners around potentially how we can make entry and I think between now and probably Q2 next year, we would have kind of identified the best kind of product-market fit for those markets. But we expect that by Q3, we should have a presence in those markets,” the company said.
The company went on to raise $13.1 million in seed funding in October. The seed round was led by pan-African VC firms TLcom Capital and 4DX Ventures and saw the participation of Enza Capital, Lateral Capital, Golden Palm Investments, Mobility 54 Investment SAS, ASK Capital, and CFAO Group.
Autochek has acquired Morocco’s KIFAL Auto for an undisclosed amount. KIFAL Auto is a C2C used car marketplace that connects car buyers and sellers. It also provides complimentary services such as car financing and insurance through partnerships with other companies.
Autochek’s acquisition of KIFAL Auto places the company as the latest in a string of acquisitions that have been going on since last year. Autochek is now present in six African countries across East, North, and West Africa, following its latest acquisition.
KIFAL Auto was founded in 2019 by Nizar Abdalaoui Maane and is currently one of the market leaders in the auto marketplace space in Morocco. Its platform is one of the biggest in Morocco and it offers both used and new cars.
In a statement, Autochek’s co-founder and CEO Etop Ikpe said that “From my first interaction with Nizar and his team at KIFAL Auto, I was so impressed by their passion for delivering effective solutions and their commitment to innovation. They have built an excellent platform and we are thrilled to have them onboard at Autochek to support the work we are doing to improve the automotive finance value proposition in Africa. There are so many parallels in our individual stories and I look forward to a long and mutually-beneficial relationship for years to come.”
KIFAL Auto’s founder and the team will be joining Autochek as the company looks to expand in North Africa. “I have long been an admirer of the work Autochek has done to enable improved experiences across Africa’s automotive value chain. There is so much we can learn from each other, and I am looking forward to bringing my experience and expertise to deliver more game-changing innovation in Morocco and beyond. In our Industry and especially in an African context, it makes a lot of sense to continue growing with a large player. Morocco is a gateway into North Africa and I am confident that we can unlock new value and drive further transformation across the board,” Nizar Abdalaoui Maane said.
Source: TechBooky Business