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Cairo based Warn It has increased $ 15.7 million since the sale of cars outside the car used online for cars, services and instruments for services and dealers. The round development partners were headed by the International Foundation of the NCLEDE and included in investments from algebras and Nudea.
The company, which is growing in Egypt, but in the digital vehicle market, said that the last round covers both fresh capital and unknown seed financing.
Sylndr, in the past year, has ripened about $ 10 million in debt financing from local banks, and overdue since more than $ 30 million. Sylndr He gave rise to $ 12.6 million Round in 2022.
Omar defrawy and Amr mazenLocal food delivery and former executors at the beginning of e-commerce established a car platform used in 2021, and first aimed at purchasing the cars used using consumers and purchased with a guarantee and money back guarantee.
It has become a broader moving platform, offers a market for digital car loans, car service and third party vendors.
“When we started working, we first of all,” said co-founder and CEO Ol El Defrawy, “and CEO Ol El Defrawy,” and the market will be able to create a scale, and other compelling enterprises we do to create a scale and create value to customers. “
Egypt has more than 6 million cars on the road, currency devaluation and growing prices for new imports are required for cars. In 2021, the government, the internal inventory of the market, is the mirror of driving prices, driving prices.
As a result, the cars used in Egypt are sold for new vehicles, which are more than new vehicles, mainly in unofficial transactions or classified websites, including many of the risks.
Sylndr, inspections, standard price, digital financing, digital financing and digital financing and business transfers are a $ 10 billion market.
The average sales price on the Sylndr platform is between $ 20,000 and $ 25,000. He explained that in the last three years, despite the loss of more than half of Egyptian pound value, the dollar remained stable in the last three years. The reason for this is the car prices used in Egypt, similar to new cars, which are dollars
Sylndr refused to share income or transactions, but for about 2022 sales has increased in about ten times.
Digits Egypt’s car market
The expansion of Sylndr beyond three new vertical cars is to reduce the dependence on inventory and capital.
Buyers are Sylndr Swift, which combines banks and anderifers with digital car financing product. According to El Defrawy, the platform confirm financing after 10 minutes. Sylndr does not owe its own balance sheet.
In addition to Swift, Sylndr recently introduced Sylndr Plus, which offers inspections, operation and service for cars sold on the platform. Third vertical, al-Ajans, third party vendors are a welding market from a seller who allows you to sell and sell a list of authentic transfer and payments for SylndDr management.
Each vertical runs under the name of its brand, but Sylndr combined all unified mobile apps. “Customers fully combined and demonstrate these services to provide shopping, selling, lease and provide services and digital activities and digital activities.
According to him, the company’s revenues are now divided equally among B2B transactions with direct consumer sales and sellers. However, vertical new financing and service expects to make up 60% of the total profit in two years.
At present, Sylndr currently works with more than 1,000 sellers and serves both buyers and sellers online and offline channels. Other regional players such as Olx and Nigerian-based autochek entering Egypt in 2023 with autochek, says that El Defrawy, El Defrawy is not seen as a nearby competition for recipients and dealers.
Sylndr’s inspection, update and bank partnership says it difficult to repeat the model of players abroad.
In Egypt, a springboard traditionally claims that the CEO’s “largest used car trading company” claims that Sylndr’s Sylndr used as a springboard in Egypt.
“Sylndr builds a digital spine in a market to own the owner of entrance, confidence and financing. Their integrated model brings trade, credit and technology to sell, credit and technology,” said Ashley Venture Capital.
This recently records the third deal announced by the VC company in London, which was recently launched in the last month, in the last month, the Egyptian digital deposit and credit platform Money and PropTech startup Nave.
