The deal comes barely a 12 months after Autochek purchased Cheki Kenya and Cheki Uganda from Ringier One Africa Media. Previous to the September 2021 transaction, Autochek had purchased Cheki’s subsidiaries in Ghana and Nigeria, and partnered with the CFAO Group to launch the community in Ivory Coast. After KIFAL Auto’s acquisition, Autochek is now current in six international locations throughout East, West and North Africa.
Like Autochek, KIFAL Auto hyperlinks automotive patrons and sellers, and likewise, by means of partnerships, presents a number of different providers together with financing and insurance coverage.
“From my first interplay with Nizar and his crew at KIFAL Auto, I used to be so impressed by their ardour for delivering efficient options and their dedication to innovation. They’ve constructed a wonderful platform and we’re thrilled to have them onboard at Autochek to assist the work we’re doing to enhance the automotive finance worth proposition in Africa. There are such a lot of parallels in our particular person tales and I look ahead to an extended and mutually-beneficial relationship for years to return,” stated Autochek co-founder and CEO, Etop Ikpe, in a press release.
KIFAL, which was based in 2019 by Nizar Abdalaoui Maane, is among the many main auto marketplaces in Morocco, considered one of the biggest markets for used and latest automobiles in Africa. Following the most recent deal, Maane and the KIFAL auto crew be a part of Autochek to guide the corporate’s enlargement efforts in North Africa.
“I even have lengthy been an admirer of the work Autochek has executed to allow improved experiences throughout Africa’s automotive worth chain. There’s a lot we are able to study from one another, and I’m trying ahead to bringing my expertise and experience to ship extra recreation altering innovation in Morocco and past. In our Business and particularly in an African context, it makes a variety of sense to proceed rising with a big participant. Morocco is a gateway into North Africa and I’m assured that we are able to unlock latest worth and drive additional transformation throughout the board,” stated Maane.
Autochek says it has 1,500 sellers as companions throughout its markets, and has partnerships with greater than 70 financing companions together with Entry Financial institution, Ecobank, UBA, Financial institution of Africa and NCBA Financial institution.
Vehicles listed on the positioning undergo varied phases of inspection, and are rated in response to their standing and efficiency. Ekpe stated in a previous TechCrunch interview that, “The assessments and a few algorithmic checks on Autochek’s system assist to provide a way of the standing and situation of the automotive, figuring out whether or not it’s in a state to be financed … as a result of they (banks) are not looking for a state of affairs the place they finance a automotive and the following day, the engine knocks.”
Autochek stated loans are authorised in about 48 hours. The corporate earns by charging a price to sellers itemizing on its platforms, along with a mortgage facilitation fee from banks.
Autochek, which in October final 12 months raised $13.1 million in a seed spherical, is backed by plenty of traders together with pan-African VC companies TLcom Capital, 4DX Ventures, Golden Palm Investments, Enza Capital, Lateral Capital, ASK Capital and, Mobility 54 Funding SAS, the enterprise capital arm of Toyota Tsusho and CFAO Group.