Odiggo - Afrikan Heroes

Egyptian Auto Parts Startup, Odiggo, Raises $2.2m Seed Round

August 23, 2021

Odiggo, an Egyptian auto-tech app based in Dubai, has secured a record-breaking round of funding from three of the world’s top seed-stage venture capital firms: Y Combinator, 500 Startups, and PlugAndPlay.

The investors join previous Regional VCs Seedra Ventures, Lofty Inc Capital and also Essa Al-Saleh (Volta-Tucks CEO, the electric vehicles manufacturers) who will also be investing again for the third time.

“We are very selective when onboarding, not just talent but potential investors and partners in this company. We realised we were at a time of growth and needed the right kind of partners not just to invest but to help us achieve our highly ambitious goals. This round of investing was the toughest yet, we went through a very rigorous process when trying to find the right fit, even turning down a few firms along the way,” said founder Ahmed Nasser.

Odiggo’s major objective now will be constant expansion, following this recent round of funding. “We raise to fuel our growth, that’s the main thing, so, mainly it’s focusing on technology and expanding our team in UAE, Saudi Arabia and Egypt,” said Omar.

Odiggo will also spend a portion of its startup financing to continue developing their deep-tech dashboard platform.

*Co-founders Ahmed Omar and Ahmed Nasser. Image credits: Odiggo.*

Why The Investors Invested

Odiggo’s latest funding stems from its proven traction. Odiggo currently serves over 45,000 users across three regions and works directly with over 300 businesses to provide consumers with a smooth experience, as seen by constant growth of 40% month over month and a 200 percent rise in user base at the onset of the pandemic.

“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 Naser, supported by the rest of the employees have been a joy to work with and we are on a countdown to the IPO!” said the Managing Partner of LoftyInc Capital Management, Idris Ayodeji Belli, adding: “At LoftyInc, we are always looking for balanced founding teams, with a bias towards execution, going after a large market, and Odiggo epitomises all of that.”

Investors also seemed to have invested because of the backgrounds of the founders. The startup is led by a group of technical experts with global experience from organizations like FIFA, Hyundai, Jumia, and Reckitt Benckiser, to mention a few. Particularly, Nasser has been instrumental in the establishment of a number of famous businesses in recent years.

“New age players like Odiggo backed by founders who carry deep auto industry and technology experience are disrupting this large market by adopting rapid digitalisation to improve operating efficiency and deliver a better experience to car owners,” said Seedra Ventures.

“We as co-founders come from a growth background which led us to grow Odiggo exponentially for the past 18 months,” said Ahmed Omar and Ahmed Nasser.

A Look At What The Startup Does

Odiggo was founded in 2019 by Ahmed Omar and Ahmed Nasser. It sells car parts and accessories directly from various vendors. Odiggo claims to have the largest catalog of auto spare parts in the MENA region. The startup makes money by charging 7 to 22 percent commission on every order made through their website or mobile app.

“We are on our way to IPO by 2024 with #BillionBookings as our next achievable goal. We are building an ecosystem for all car owners, suppliers and mechanics. We aim to be the first $100 billion company coming out of the region,” said Ahmed Nasser.

Egyptian Auto Parts Startup Odiggo Raises $600k Seed Round

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer

Newly Funded Egyptian Auto Parts Startup, Odiggo, Expands To Dubai

June 17, 2021

Odiggo, a car servicing firm, has opened in Dubai, with the goal of becoming the “top Autotech business in the Middle East and Africa.” Ahmed Omar and Ahmed Nasser, two young Egyptian entrepreneurs, are the driving force behind the automotive tech app that has experienced success in Egypt and Saudi Arabia since its launch in 2019.

*Ahmed Omar, CEO and Co-founder of Odiggo*

In January this year, Odiggo secured $600,000 from Essa Al-Saleh, former CEO of the billion-dollar logistics company Agility Logistics and current Chairman of Volta Trucks and CEO of Switzerland-based advisory and investment firm Agitero AG, in a seed funding round.

According to a statement from Odiggo, the car parts and accessories manufacturing business is one of the top ten sectors in the world, valued at US$2 trillion, with a $61 billion market in the Middle East and Africa alone. In order to locate the finest quality automobile components at the lowest feasible price, the firm focuses on autonomous software, driving data, fleet telematics, and vehicle-to-vehicle communication. The company as a whole has grown by more than 10 times in the previous year, and this trend is expected to continue in Dubai.

Odiggo is a one-stop store for all things automotive. Their user-friendly web network connects vehicle owners with dealerships, providing them with a variety of alternatives and the best rates available. Customers may now get quick, simple, and inexpensive service at the press of a button. With their deep tech dashboard product, Odiggo launches in the UAE with not only its current platform, but also a new piece of technology that is intended to be a gamechanger when it comes to auto repairs and maintenance.

“We’re changing lives (and cars) through technology,” said Ahmed Omar, CEO and Co-founder of Odiggo. “The innovative new Deep Tech dashboard software will link the vehicle to the marketplace and provide frequent updates of the vehicle’s condition so the user can be informed if the tyres are low, the oil needs changing or if a service is required.”

Odiggo is led by a brilliant worldwide team with experience working with some of the world’s most well-known organizations, including FIFA, Hyundai, Jumia, Reckitt Benckiser, EY, Deloitte, and Mckinsey.

It’s never been easier to locate an auto component. Odiggo’s services are projected to have a significant influence on the UAE market, and the company’s long-term goal is to grow the convenience experience globally in the next years.

A Look At What Odiggo Does

Odiggo was founded in 2019 by Ahmed Omar and Ahmed Nasser. It sells car parts and accessories directly from various vendors. In the first seven months of service, the startup had 2000 customers onboard. Odiggo claims to have the largest catalog of auto spare parts in the region. The startup makes money by charging 7 to 22 percent commission on every order made through their website or mobile app.

Odiggo Dubai Odiggo Dubai

Egyptian Auto Parts Startup Odiggo Raises $600k Seed Round

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning write

Car Parts Marketplace Odiggo Hits One Million Users in Egypt

May 2, 2021

The leading car parts marketplace startup Odiggo, a digital marketplace for automotive spare parts, clocked up one million users over the course of 2020 and is set for international growth after raising funding using the same model that worked in Egypt.

Odiggo was founded in 2018 to link customers with vendors in order to purchase car parts and accessories. It ensures users get the correct, best quality car parts at a convenient time, by allowing them to simply add their car information and location on Odiggo app and see what services and parts are available in their area. The founders spent more than a year building the product, which was officially launched at the end of 2019 so says the co-founder Ahmed Omar.

“We have an inspiring story as we had no funds building the company. We worked with the merchants to subsidise the marketing and give us higher margins, and we were growing 40 per cent month-on-month. We built the team four times, and the app three times, to get the best outcome and the best user experience.

Over time, Odiggo has turned its attention to customer acquisition and fundraising. Having raised US$180,000 in May 2019, the startup then secured a seed round of US$600,000 from Essa Al-Saleh, former chief executive officer (CEO) of the billion-dollar logistics company Agility Logistics and current chairman of Volta Trucks, a UK-based tech auto-manufacturing company.

The cash came in two tranches, in mid-last year and in January of this year, but the startup has been growing steadily since launch.

“We generated one million active users in 2020, and US$750,000 in revenues in 1.5 years, and we are considered the fastest-growing automotive e-commerce company in the Middle East,” Omar said.

Also active in Saudi Arabia, Odiggo is now planning expansion to the United Arab Emirates (UAE), Bahrain, Kuwait, Oman, and Qatar, with Omar saying it is operating in an important niche.

“We are spotting the gap between expensive authorised services and parts sellers, and the street shops. There is a huge price difference between both, and both are hectic and tiring for the user. None of them offer convenience, while we spot the middle where we give you guaranteed parts and services,” he said.

Odiggo makes a 15 per cent commission on every transaction that goes through its platform, making this also a valuable niche.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Egyptian Auto Parts Startup Odiggo Raises $600k Seed Round

January 27, 2021

Odiggo, an Egyptian-based digital marketplace for automotive spare parts, has raised $600,000 from Essa Al-Saleh, former CEO of the billion-dollar logistics company Agility Logistics and current Chairman of Volta Trucks and CEO of Switzerland-based advisory and investment firm Agitero AG, in a seed funding round.

“We’re working on bringing in the best team in the Middle East to help us gain the highest market share in what is a scattered trillion-dollar industry. We want to enhance our unit economics, empower our product-market fit and reach millions of car owners per month. Our product isn’t yet finished or complete enough for us to reach the highest conversion rates. That’s why we will invest more in operations, support, and, of course, product,” said Ahmed Omar and Ahmed Nasser, founders of Odiggo said of the use of the latest funding.

Automotive parts platform Odiggo secures $600K Seed funding — *Odiggo co-founders Ahmed Nasser and Ahmed Omar*

Why The Investor Invested

Quite remarkable is the fact that Odiggo has mostly raised all its funding from angels. In 2019, the startup raised $180k at a valuation of $1.25m from Saeed Al Jaberi, a Saudi angel investor. At that time, it claimed to have processed over processed over 14,000 transactions and tickets, with sales crossing $170,000 (EGP 3 million). These are figures investors are interested in. Angel investor and former CEO Essa al-Saleh of the Switzerland-based Agility Logistics was recently named as the new chairman of electric vehicle startup Volta Trucks. Thus, investing in Odiggo complements his startup’s business model. Essa had also backed Odiggo as an angel investor in August, 2020.

A Look At What Odiggo Does

Odiggo was founded in 2017 by Ahmed Omar and Ahmed Nasser. It sells car parts and accessories directly from various vendors. In the first seven months of service, the startup had 2000 customers onboard. Odiggo claims to have the largest catalog of auto spare parts in the region. The startup makes money by charging 7 to 22 percent commission on every order made through their website or mobile app.

The startup also experienced 40 percent month-over-month growth prior to its last funding, and had a twelve-fold rise in its sales compared to the same time, according to the founders.

According to Nasser, the startup said it is in the process of raising a new round to accelerate its development and boost its product offering.

“We’re also pushing IoT solutions for our B2B business model, which can potentially help companies save millions of dollars on vehicle run-time and cut costs on vehicle downtime,” he said.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer

Odiggo Egypt Odiggo Egypt