The deal is aimed at expanding Autochek's presence in North Africa and supports its growth plans. AutoTager, a startup backed by venture capital, is streamlining the car buying and selling process in Egypt.

This acquisition is Autochek's third in less than two years, cementing its position as the leading Pan-African automotive technology company.

Autochek has become a major player in the African market, with active operations in nine countries across east, west and north Africa and a partner-led footprint of over 2,000 dealers and workshop locations.

Commenting on the acquisition, CFO and co-founder of Autochek Olajide Adamolekun said: “There are many parallels between Autochek and AutoTager, and we are looking forward to building on these parallels to deliver more growth and success in the months and years to come.”

"We have very exciting plans and are confident that the global OEM and financing partnerships that Autochek has secured will also provide us with differentiated access allowing us to lead in our space while targetting high-quality top decile returns," CEO and Founder of AutoTager Amr Rezk commented.

According to a report by the Central Bank of Egypt, Egypt’s net foreign direct investment (FDI) inflows doubled to approximately $3.6 billion during the first quarter (1Q) of the current FY2022/2023 (July-September 2022), up from $1.7 billion in the same period of FY2021/2022.