Nigerian startup Autochek, has announced the acquisition of a majority stake in AutoTager. Founded in 2020, Autochek digitises the process of buying cars and is backed by investors such as TLCom Capital, 4DX Ventures, Kepple Africa, and Golden Palm Investments. Similarly, AutoTager, founded in 2021 serves the same market segment in Egypt.
Since its launch, Autochek has favoured acquisitions as its market entry strategy having acquired Cheki’s operations in Kenya, Ghana, Nigeria, and Uganda within a year of its launch. In 2022, it acquired KIFAL Auto and CoinAfrique to aid its expansion into the North African and Francophone African regions.
With this acquisition, the company says it is now present in nine African countries, including Nigeria, Ghana, Kenya, Uganda, and Egypt. It also has a network of more than 2,000 dealers. Last year, it launched a vehicle financing service allowing customers to drive home with a car once they have paid 30% of the car’s value.
Olajide Adamolekun,…
