Autochek, a Nigerian auto-tech company, has made the investment in order to expand its footprint in North Africa and fuel growth.
Autochek, a Nigerian auto-tech company, has acquired a majority stake in AutoTager, an Egyptian venture-backed startup, to expand its presence in North Africa and support its ongoing growth.
Autochek – International expansion
The move is part of Autochek’s expansion strategy through acquisitions, having launched in September 2020 with the acquisition of automotive marketplaces Cheki Nigeria and Cheki Ghana. Autochek has also expanded to Kenya, Uganda, Ivory Coast, Senegal, and other French-speaking countries through acquisitions. With the acquisition of AutoTager, Autochek is deepening its presence in North Africa and entering the Egyptian market.
Digital sales and purchasing solutions
The company aims to build digital solutions that enhance and enable a seamless and safe automotive commerce experience across Africa. The company uses technology to transform the automotive buying and selling experience for African consumers, by creating a single marketplace for consumers’ automotive needs, from sourcing and financing to after-sales support and warranties. The acquisition of AutoTager will enable easier access to vetted vehicles and financing for consumers, connecting dealers with serious buyers, and technology solutions to improve their operations.
Parallels between the two companies
Autochek now has active operations in nine countries across East, West, and North Africa, with a partner-led footprint of more than 2,000 dealers and workshop locations. Olajide Adamolekun, Group CFO, and co-founder of Autochek said, “There are many parallels between Autochek and AutoTager, and we are looking forward to building on these parallels to deliver more growth and success in the months and years to come.” Amr Rezk, founder of AutoTager, said he was “thrilled” to partner with Autochek to pursue sizeable and unique opportunities in the automotive space.
Autochek’s expansion strategy through acquisitions has proven successful in driving the company’s growth across the continent. The company’s track record of concurrently operating various business models in the automotive space has provided it with a wide menu of options and cutting-edge tools to offer customers a truly unique proposition.
In January of this year, Autochek acquired Morocco’s KIFAL Auto for an undisclosed amount, as the company first moved into the automotive market space in North Africa.