Egyptian startup attempts to build confidence in buyers and sellers of used cars
Cairo-based startup Sylndr offers a seven day refund and other guarantees for used cars
Popular car models in Egypt cost about $15 grand on average
Many Egyptians look for used cars
Sylndr aims to build confidence in the used car industry in Egypt
With approximately 6 million cars on the highways, 80% passenger cars, Egypt has one of Africa’s largest vehicle fleets. The ratio of used to new vehicles is 3:1.
Cairo-based Sylndr is a new entrant in a market dominated by disorganised dealers and classified ads.
Sylndr has yet to be made available to the general public. However it is modelling itself after India’s Cars24, which acquires automobiles from individuals who wish to sell them. The service buys cars for a predetermined price, reconditions them and then resells the cars to new owners.
Sylndr also promises to offer users a seven-day money back guarantee, warranty and flexible financing options.
The Egyptian startup is now raising funds in a round led by RAED Ventures, a Saudi early-stage venture capital firm. Algebra Ventures, Nuwa Capital, 1984 Ventures and Global Founders Capital are among the investors, along with other regional and global angel investors.
