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“We see many synergies between Autochek and AutoTager, and we are excited to leverage these synergies to drive more growth and success in the months and years ahead,”stated Olajide Adamolekun, Group CFO and co-founder of Autochek, in a statement.
About AutoTager
Founded in 2021 by Amr Rezk, AutoTager is a venture-backed startup that aims to remove the complexities from the car buying and selling process in Egypt, providing easier access to verified vehicles and financing for consumers, and connecting dealers with serious buyers and technology solutions to enhance their operations. Prior to founding AutoTager, Amr co-founded other successful companies, including Fundseer, a prominent private equity GP/LP coordination platform, and has a proven track record of operating and investing across Africa and the Middle East. He has worked with renowned institutions such as Goldman Sachs, EFG-Hermes, and the Qatar Investment Authority, where he led the Private Equity and Venture Capital Funds Investments Team. Amr has an academic background in economics and holds an MBA from Harvard Business School. His expertise and experience are expected to be key drivers of this acquisition, as stated by Adamolekun,“Amr’s background and track record is truly impressive, and I am thrilled to have him join our team. His experience will be invaluable as we enter the Egyptian market and continue our mission to enhance the value proposition of automotive finance in Africa and stimulate further growth across the automotive ecosystem.”
Excitement for the Future
“We are thrilled to partner with Autochek to pursue several significant and unique opportunities in the automotive space,”said Amr Rezk. He further added,
“Autochek’s outstanding track record of concurrently operating various business models in the automotive industry provides us with a wide range of options and cutting-edge tools to offer AutoTager’s customers a truly unique proposition.”
Expanding Car Ownership Across Africa
While the acquisition of AutoTager marks Autochek’s entry into the Egyptian market, its journey of expansion into North Africa began last year with the acquisition of Morocco-based KIFAL Auto, as mentioned earlier. The CEO of KIFAL Auto described Morocco as a gateway into North Africa, given its status as one of the most developed automotive markets in Africa, with over 180,000 new cars and approximately 560,000 used cars sold annually. This latest acquisition by Autochek will enable the company to further strengthen its efforts in the region and the rest of the continent.“We have exciting plans and are confident that the global original equipment manufacturer (OEM) and financing partnerships that Autochek has secured will provide us with unique access, allowing us to be leaders in our space while targeting high-quality top decile returns,”added Amr Rezk, CEO and Founder of AutoTager.
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Impressive Growth and Expansion
This marks Autochek’s seventh acquisition since its launch in 2020, having previously acquired Cheki Nigeria, Cheki Ghana, Cheki Kenya, Cheki Uganda, CoinAfrique, and KIFAL Auto. The company now operates in nine countries across East, West, and North Africa, with a partner-led network of over 2,000 dealers and workshop locations. Autochek has also raised at least $16.5 million in venture funding since its inception, according to reports on TechCrunch. Featured Image Source: Ripples NigeriaGot a suggestion? Contact us: editor@connectnigeria.com
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