June 17, 2024

InfoTrace

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Nigeria-based mostly Autochek acquires bulk stake in Egypt’s Autotager

3 min read
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  • Nigeria-centered car or truck financing platform Autocheck, has obtained a greater part stake in Egypt’s applied automobiles market, AutoTager, which was started in 2021 by Amr Rezk. The benefit of the transaction was not disclosed. 
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  • The acquisition will allow Autochek to deepen its presence in North Africa setting up with Egypt, the 2nd-greatest automotive industry in Africa. The organization now has a existence in nine nations around the world throughout East, West and North Africa.
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  •  This is the 3rd acquisition for Autochek in much less than a yr and the sixth in underneath two a long time.
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Push release

Autochek, the automotive engineering enterprise generating motor vehicle possession more obtainable and affordable across Africa, has introduced the acquisition of a majority stake in AutoTager, an Egyptian automotive technological innovation business that would make it much easier to uncover and acquire cars and trucks, to deepen its existence in North Africa and aid the company’s ongoing development.

AutoTager is a enterprise backed startup that is getting rid of the friction from the auto purchasing and promoting approach in Egypt, enabling simpler entry to vetted cars and funding for shoppers, and connecting dealers with major customers and know-how answers to enhance their operations. The corporation was established in 2021 by Amr Rezk, a serial entrepreneur that has founded and co-founded many profitable corporations, such as Fundseer, a primary personal equity GP/LP coordination system. Amr has deep practical experience working in and investing in numerous geographies across Africa and the Center East, with a track file of constructing and sustaining large development enterprises. Prior to starting to be an entrepreneur, Amr labored with various large institutions which includes Goldman Sachs, EFG-Hermes and the Qatar Expense Authority where by he led the Non-public Fairness and Venture Funds Money Investments Team. He has an educational history as an economist and retains an MBA from Harvard Small business Faculty.

The acquisition signifies Autochek’s entry into Egypt, which is Africa’s 2nd biggest overall economy and the continent’s 2nd most significant automotive sector. The country’s strategic geographical place, experienced workforce, large domestic market and the prosperous reforms undertaken by the country’s govt in the latest years has enabled dynamic advancement and created it 1 of the most significant recipients of International Direct Financial investment (FDI) in Africa around the previous ten years.

This acquisition also signifies the third for Autochek in much less than a yr and the sixth in below two many years, reflecting its emergence as the foremost Pan-African automotive technologies organization. 

The company now has lively functions in 9 nations around the world throughout East, West and North Africa, with a spouse-led footprint of additional than 2,000 sellers and workshop places. This unrivalled footprint allows unparalleled insights into automobile-relevant transactions and positions Autochek and its subsidiaries to deliver helpful solutions for the requirements of a wide vary of stakeholders in Africa’s automotive ecosystem.

Commenting on the acquisition, Olajide Adamolekun, Group CFO and co-founder of Autochek, said, “Amr’s qualifications and monitor report is as amazing as it will get and I am delighted to have him on board. His expertise will be priceless as we enter the Egyptian market and continue on our mission to make improvements to the automotive finance benefit proposition on the continent and catalyse extra advancement throughout the automotive ecosystem. There are a lot of parallels amongst Autochek and AutoTager, and we are wanting ahead to making on these parallels to deliver a lot more progress and good results in the months and a long time to appear.”

Amr Rezk, CEO and Founder of AutoTager, mentioned, “We are thrilled to associate with Autochek to go after numerous sizable and exclusive opportunities in the automotive house. Autochek has deep automotive know-how and delivers a tested playbook and numerous all-weather conditions strategies that have been tested and validated in numerous intricate large progress marketplaces. The company’s monitor report of concurrently running numerous enterprise products in the automotive area is stellar and delivers us with a large menu of solutions and reducing-edge applications to present AutoTager’s consumers a certainly distinctive proposition. We have incredibly exciting designs and are self-confident that the world-wide OEM and funding partnerships that Autochek has secured will also present us with differentiated entry letting us to direct in our space although concentrating on higher excellent best decile returns.”

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