Michanic, a South African mobile car servicing and repair platform, has received US$400,000 in debt capital from the MultiChoice Innovation Fund to assist it in further developing its technology and expanding across the country.
Michanic will be able to grow into the Eastern Cape, Mpumalanga, and the whole of the Western Cape thanks to the support from the MultiChoice Innovation Fund. It also intends to grow throughout the rest of the SADC region.
“The funding will also assist us to improve our technology and also provide us with the ability to reach more customers who are in need or looking for our services,” said Thabelo Mulelu, the startup’s CTO. “It will also help us to create more job opportunities for young skilled mechanics across the country.”
A Look At What The Startup Does
Michanic, founded in 2016 by Lesetja Dikgale, allows users to seek immediate service and repair quotations from its online platform, saving up to 35% compared to dealerships and independent garages.
Read also Persistent Energy Capital Raises $10M To Expand Its Off-grid Energy Business In Africa
Since its debut, the firm has worked with over 100 partner technicians throughout Gauteng and Johannesburg, servicing thousands of cars. After obtaining US$400,000 in loans from the MultiChoice Innovation Fund, it is currently considering additional expansion.
“Michanic has achieved a growth rate of over 80 per cent year-on-year, and continues to innovate in the aftermarket automotive industry,” Dikgale said. “Customers are stretched to the limit in terms of finance and time, and we bring a solution to both those challenges by providing car service and repairs at their homes for their convenience, and because of our lower overheads, we are able to drive the cost of maintenance down, in some cases by over 40 per cent.”
Michanic car Michanic car
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh