Auto spare parts startup Odiggo raises $180k in seed round
Cairo-based Odiggo, an ecommerce marketplace for auto spare parts raised $180,000 in its seed funding round based on a $1.25 million valuation. The funds raised were from Saeed Al Jaberi, a Saudi angel investor.
Odiggo sells the auto spare parts all over Egypt (and beyond) through its bilingual website and mobile app, making the transaction very easy with just a few clicks. It plans to expand to Saudi in July 2019 with the funds raised in the seed round. Ahmed Omar, the co-founder and CEO of Odiggo, said, “We’ll be using the investment to launch in Saudi Arabia as the traffic from there has the best conversion rate on our platform. We’ll also be using it to expand our team, grow our technical infrastructure to make it more scalable and reliable for the users, and for customer acquisition and marketing.”
Founded in 2017 and launched in January 2018, Odiggo has processed over 14,000 transactions and tickets, with sales crossing $170,000 in just 15 months. It has the largest catalog of auto spare parts in the region, accounting for over 290,000 products on their database; making 7-22 percent of commission on every sale. “We might seem like a normal car parts online store. But we have combined the car technologies embedded systems with our platform and then linked the car parts with the service agencies around every area,” he added.
Read more about it here.