INSUBCONTINENT EXCLUSIVE:
Cairo-based Sylndr has raised $15.7 million as it expands beyond online used car sales into auto financing, servicing, and tools for dealers
previously unannounced seed financing
Sylndr also raised nearly $10 million in debt financing from local banks in the past year, bringing its total raised since launch to over
discovery platform, Elmenus, founded the used cars platform in 2021 and initially focused on buying used cars directly from consumers,
refurbishing them, and reselling them with a warranty and money-back guarantee.It has since evolved into a broader mobility platform,
road, with demand for used cars growing amid currency devaluation and rising prices for new imports
In 2021, the government banned used car imports, forcing the market to rely entirely on domestic inventory, driving prices to mirror the
exchange rate.As a result, used cars in Egypt, while outnumbering new vehicles by 3:1, are primarily sold through unregulated dealerships or
classified websites, where informal transactions leave buyers carrying most of the risk.Sylndr sees opportunity in that mess, which it
estimates as a $10 billion market by formalizing processes around inspections, standardized pricing, digital financing, and securing
He explained that the number has remained stable in dollar terms over the last three years, despite the Egyptian pound losing more than half
This is because used car prices in Egypt are marketed similarly to imported new cars, which are dollar-peggedSylndr declined to share
revenue or transaction volume but said sales have increased nearly tenfold since 2022
Revenue in Egyptian pounds increased 22 times during that period, and by a factor of five when adjusted for the dollar, the CEO, who
The platform provides financing approvals in under 10 minutes, according to El Defrawy
inspections, maintenance and servicing for cars sold on its platform
The third vertical, Al-Ajans, is a dealer-to-consumer marketplace that allows third-party dealers to list and sell cars with Sylndr handling
inspection, ownership transfer, and payments.Each vertical runs under its own brand name, but Sylndr has integrated them all into a single
direct-to-consumer sales and B2B transactions with dealers, he added
However, he expects that the newer financing and servicing verticals will contribute up to 60% of gross profit within two years.Sylndr
currently works with more than 1,000 dealers nationwide and serves both buyers and sellers through its online and offline channels
While other regional players such as Contactcars, OLX and Nigeria-based Autochek, which made inroads into Egypt with AutoTager in 2023, have
dealers across the value chain
he says.As such, unlike other startups in Egypt that have traditionally used their home market as a springboard to the Gulf, Sylndr plans to
digital backbone of mobility in a market where access, trust, and financing have long been barriers to ownership
Ashley Lewis, Managing Partner at DPI Venture Capital
digital savings and credit platform MoneyFellows and proptech startup Nawy.Other VC firms, including Algebra Ventures, Nuwa Capital, Raed
Ventures, Egyptian Gulf Holding, Uncovered Fund, Beltone Venture Capital, and Camel Ventures, participated in the round.
