Odiggo, an Egyptian startup that operates a digital marketplace for automotive spare parts, has closed a US$2.2 million funding round to help it expand into new markets.
Odiggo, founded in 2018 by Ahmed Omar and Ahmed Nasser, connects customers with vendors to purchase car parts and accessories. It ensures that users get the right, high-quality car parts at the right time by allowing them to enter their vehicle’s information and location into the Odiggo app and see what services and parts are available in their area.
Since its inception, the startup has served over 50,000 car owners in three markets: Egypt, the United Arab Emirates (UAE), and Saudi Arabia. The company also works directly with over 300 merchants, with merchant numbers increasing by 40% month on month and its user base increasing by 200%.
“We believe we are at a watershed moment. It is incredible that since COVID hit, Odiggo has experienced over 10 times growth in the last year,” Omar said, adding that the startup is now on its way to an initial public offering (IPO) in the coming years.
Odiggo has now raised US$2.2 million in funding as a result of its participation in the Y Combinator S21 batch to help it take advantage and continue to expand. Along with 500 Startups, Plug and Play Ventures, Seedra Ventures, LoftyInc Capital, and Essa Al-Saleh, YC is an investor.
“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 Nasser, supported by the rest of the employees, have been a joy to work with and we are on a countdown to the IPO,” said LoftyInc managing partner Idris Ayodeji Bello.