Autochek Strengthens Its Market Footprint In North Africa After Acquiirng Kifal Auto
May 19, 2022, 9:56 a.m.
West Africa's online marketplace for vehicles Autochek, has expanded to North Africa through its acquisition of Kifal Auto, a Moroccan startup. Morocco’s automotive sector is projected to grow to $14 billion in five years, which means the new acquisition will provide Autocheck with access to one of Africa’s most developed automotive markets.
The deal comes barely a year after Autochek bought Cheki Kenya and Cheki Uganda from Ringier One Africa Media. Before the September 2021 transaction, Autochek had bought Cheki’s subsidiaries in Ghana and Nigeria and partnered with the CFAO Group to launch the network in Ivory Coast. After KIFAL Auto’s acquisition, Autochek is now present in six countries across East, West, and North Africa.
KIFAL was founded in 2019 by Nizar Abdalaoui Maane. The company is among the leading auto marketplaces in Morocco, one of Africa’s largest markets for used and new cars. Following the latest deal, Maane and the KIFAL Auto team will join Autochek to lead the company’s expansion efforts in North Africa.
Like Autochek, KIFAL Auto links car buyers and sellers and also, through partnerships, offers several other services, including financing and insurance. The Moroccan startup was first incubated by CDG Invest’s 212 Founders accelerator program, a state-backed program aiming to boost Morocco and Africa’s startup ecosystem.
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“From my first interaction with Nizar and his team at KIFAL Auto, I was so impressed by their passion for delivering effective solutions and their commitment to innovation. They have built an excellent platform and we are thrilled to have them onboard at Autochek to support the work we are doing to improve the automotive finance value proposition in Africa. There are so many parallels in our individual stories and I look forward to a long and mutually beneficial relationship for years to come,” said Autochek co-founder and CEO, Etop Ikpe, in a statement.
“I have long been an admirer of the work Autochek has done to enable improved experiences across Africa’s automotive value chain. There is so much we can learn from each other, and I am looking forward to bringing my experience and expertise to deliver more game-changing innovation in Morocco and beyond. In our Industry and especially in an African context, it makes a lot of sense to continue growing with a large player. Morocco is a gateway into North Africa and I am confident that we can unlock new value and drive further transformation across the board,” said Maane.
tag: Transportation, Automobiles, Startup,
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