NewsStartups

Nigeria’s Autochek Acquires Majority Stake in Egypt’s Car-Buying Platform AutoTager


Nigerian automotive technology company Autochek has acquired a majority stake in AutoTager, an Egyptian automotive technology company that makes it easier to find and buy cars.

Autochek is moving to deepen its presence in North Africa and the acquisition is meant to support the company’s ongoing growth.

The company was founded in 2020 and has been making considerable investments in various markets across Africa. The startup is leveraging technology to transform the purchase of vehicles, by creating a single marketplace for consumers’ automotive needs, from sourcing and financing to after-sales support and warranties.

The firm has been on an acquisition spree, putting under its belt some other players with similar products.

Last year, Autocheck acquired CoinAfrique, a classified ad marketplace, focusing in the Francophone African market. Other startups that the company has acquired include Cheki Kenya and Cheki Ghana, as well as Moroccan auto marketplace KIFA Auto.

The acquisition of AutoTager is yet another demonstration of AutoChek’s intention to gain prominence in the continent. AutoTager was founded in 2021 by serial entrepreneur Amr Rezk.

AutoChek’s entry into Egypt is made favorable by its geographical position, skilled workforce, and a large domestic market. The country has also made significant reforms in recent years that have enabled dynamic growth and made it one of the largest recipients of Foreign Direct Investment (FDI) in Africa over the past decade.

Commenting on the acquisition, Olajide Adamolekun, Group CFO and co-founder of Autochek said, “Amr’s background and track record is as impressive as it gets and I am delighted to have him on board. His experience will be invaluable as we enter the Egyptian market and continue on our mission to improve the automotive finance value proposition on the continent and catalyze more growth across the automotive ecosystem.

AutoChek is currently present in nine countries across East, West, and North Africa, and partners with over 2,000 car dealers and more than seventy financial service providers.

Follow us on TelegramTwitter, and Facebook, or subscribe to our weekly newsletter to ensure you don’t miss out on any future updates. Send tips to info@techtrendske.co.ke  

Facebook Comments

[TechTrends Podcast] Unpacking Bolt's Strategy for Kenya.

Simon W Nderitu

Simon is a tech enthusiast who keeps a close eye on emerging technologies, startups and the general business environment. You will often catch him totally immersed and drooling over Artificial Intelligence, Machine Learning, Virtual Reality, Augmented Reality, IoT and just about any other tech that promises to revolutionize the way we live. Send tips to snderitu@techtrendske.co.ke

Have anything to add to this article? Leave us a comment below

Back to top button