Odiggo, an Egypt auto tech startup, has raised a $2.2 million investment from top investors including Y Combinator, 500 Startups, and Plug and Play Ventures, Seedra Ventures, LoftyInc Capital, and Essa Al-Saleh (CEO of Volta-Tucks). Odiggo will use part of the funding to continue developing its tech and dashboard software.
Odiggo which is part of the current YC Summer batch, allows car owners to get the help they need by finding car services and parts suppliers from providers around them. Then for the suppliers, it increases their sales and reaches more customers without necessarily spending on marketing.
Founded in 2019 by Ahmed Omar and Ahmed Nasser launched Odiggo also operates a marketplace that connects car owners with service providers who can solve their problems, from servicing and repair to washing and maintenance. A commission-based model is used and Odiggo charges the car suppliers 20% commission on every transaction.
“We believe we are at a watershed moment. It is incredible that since COVID hit, Odiggo has experienced over 10 times growth in the last year,” said co-founder Omar.
He adds that since Odiggo taps into a mix of data sources — including car metrics and internal software, it will use that same information to provide more product offerings.
Some of its investors, Idris Ayodeji Bello, managing partner at LoftyInc, and Essa Al-Saleh, are onboard with the startup’s plan despite early days.
“We are excited to back Odiggo through our Afropreneurs Funds in its quest to transform the automotive parts market and provide superior service to clients, starting from MENA. The leadership team of Omar and Nasser, supported by the rest of the employees, have been a joy to work with and we are on a countdown to the IPO,” said Bello in a statement.
Over 50,000 car owners across three markets — Egypt, the UAE, and Saudi Arabia — use Odiggo. The company also works directly with over 300 merchants. It claims merchant numbers have grown 40% month-on-month while its user base has increased 200% since the start of the pandemic.
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