Tech investor A15 has announced that has it pumped a six-figure investment into Egyptian mobile device repair company iFix, for the sake of launching a used phone-selling platform named Gadded.
Through the platform, sellers will receive an instant valuation of their phone, a fair price without the hassle of negotiation, safe data removal and instant payment.
On the buyers’ side, perks include receiving a refurbished phone, one-year iFix warranty and tech support, quality assurance, payment plans based on installments, phone insurance, and up to 50 per cent off the phone’s original sticker price.
According to iFix internal data, the average user changes their phone once every two years, while electronics has become the largest e-commerce category in the MENA region with a value of $2.9 billion in Egypt and Gulf Cooperation Council countries (GCC), according to an A15 statement.
Gadded, which means Upgrade in Arabic, will be supported and powered by iFix’s technical knowhow and on-the-ground team, while A15 will provide it with support to achieve traction locally and regionally.
“Phones have become such an integral part of our everyday life, it’s almost like they have become part of our DNA,” chairman of iFix Mohamed Fayez said.
He added that iFix is keen make tech gadgets and phones more accessible to the Egyptian consumer.
Electronics is the most penetrated e-commerce category in the region in terms of total retail sales at 16 percent in 2017, up from 10 percent in 2014, according to Bain and Company and Google reports, while Google search queries related to electronics in MENA have grown by nearly 30 percent over the past three years.
“Nearly 70 percent of online shoppers in the GCC and Egypt have bought electronics online at least once. Hence, the market is a ripe space for Gadded’s novel value proposition and its unique add-ons,” CEO of A15 Fadi Antaki said.
iFix has completed over 50,000 phone repairs in the past four years, being recognised as one of Forbes’ top 20 most promising startups in Egypt in 2016.