Nigerian startup Fixit45 has secured $1.9 million in a pre-seed funding round to broaden its operations into East Africa, with a primary focus on Kenya and Uganda.
Fixit45, a prominent player in Africa’s automotive technology aftermarket sector, unveiled this significant financial boost as it aims to revolutionize the industry across the continent.
The move into East Africa presents a significant opportunity for Fixit45, given the region’s burgeoning automotive industry.
Co-founder and Chief Operations Officer (COO) of Fixit45, Pankaj Bohhra expressed gratitude for the funding, stating, “This funding represents a pivotal moment for Fixit45. We are profoundly grateful to our investors for their faith in our vision and our unwavering commitment to revolutionizing the African automotive aftermarket sector. With this capital infusion, we are well-positioned to advance towards our expansion objectives.”
According to reports by TechCabal, Launch Africa Ventures, Africa’s most active VC investment firm, led the funding round, which also featured notable investors like Soumobroto Ganguly and Dave Delucia, along with a diverse group of angel investors.
“With this infusion of capital, Fixit45 is now well-positioned to expand its presence and impact in the African automotive aftermarket landscape.”
Founded by Pankaj Bohhra, Chioma Ahueze-Okochukwu, and Goodluck Ikporo, Fixit45 offers vehicle owners a comprehensive platform that connects them with various players in the aftermarket ecosystem.
This ecosystem encompasses a wide range of automotive service providers, expert technical teams, spare parts suppliers, and end-users.
Fixit45 is committed to transforming the African automotive aftermarket sector, and the funds raised will play a pivotal role in achieving its expansion goals.
“The company plans to strategically allocate the capital to support its automotive repair business and enhance its spare parts distribution via its innovative online-to-offline platform, xparts. Africa.”
Janade du Plessis and Zachariah George, Co-Managing Partners at Launch Africa Ventures, expressed their enthusiasm for collaborating with Fixit45, noting the company’s formidable team and its seamless platform that spans the automotive aftermarket value chain.
“Fixit45’s successful pre-seed funding round marks a significant milestone in its journey. With a clear vision, strategic resource allocation, and strong partnerships with industry leaders, Fixit45 is poised to make a profound impact on the automotive aftermarket sector, benefiting customers not only in Nigeria but also extending its reach to East Africa and beyond.”
Fixit45 boasts an extensive network of over 300 operational workshops across nine Nigerian cities. These workshops serve nearly 4,000 clients and collaborate with 1,200 spare parts manufacturers, distributors, and retailers, including industry giants like Toyota, Nissan, Honda, and more.
The company’s solid customer base includes prominent names such as FBNQuest, Mano, Drive45, Moove, Jotna, Gokada, and many others.
The African automotive industry, valued at US$30.44 billion in 2021, is projected to reach US$42.06 billion by 2027.
This industry plays a pivotal role in African economies, contributing to economic growth, improved road safety, and an enhanced quality of life.
Reliable mobility is a catalyst for social and economic inclusion, providing access to employment, education, and public services.
“With over 12 million registered vehicles and a population of 200 million, Nigeria has a motorization rate of just 0.06 vehicles per person. The majority of vehicles in Nigeria are imported and pre-owned, highlighting the need for high-quality repair and maintenance services in the market. Vehicle owners are increasingly opting to upgrade and repair their existing vehicles, emphasizing the demand for top-notch automotive services and spare parts.”
As Fixit45 sets its sights on expansion, it aims to address these evolving needs, making a significant impact on the African automotive aftermarket sector and enhancing mobility and convenience for customers across the continent.