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    Thursday, September 21, 2023

    Nigerian Startup, Fixit45, Raises $1.9 Million in Pre-Seed Round

    L-R COO & CoFounder, Fixit45 Pankaj Bohhra_ Vice President Commercial, Fixit45 Chioma Ahueze-Okechukwu and CFO & CoFounder, Fixit45 Goodluck Ikporo

    Fixit45, a leader in the Africa’s automotive technology aftermarket sector, announced that it has secured $1.9 million in equity and working capital in a pre-seed funding round. The round was led by Launch Africa Ventures, Africa’s most active VC investment firm, with participation from prominent investors such as Soumobroto Ganguly and Dave Delucia, along with a diverse group of angel investors. The company is now poised to expand its footprint and influence in the African automotive aftermarket industry.

    Founded by Pankaj Bohhra, Chioma Ahueze- Okochukwu and Goodluck Ikporo, Fixit45 empowers vehicle owners to engage with various participants in the aftermarket ecosystem, encompassing an extensive array of automotive service providers, expert technical teams, suppliers of spare parts, and end-users

    Fixit45 is committed to revolutionizing the automotive aftermarket sector in Africa, and this capital infusion is a pivotal step toward achieving its expansion objectives. The funds will be strategically allocated to support the company’s automotive repair business while intensifying efforts in spare parts distribution through its innovative online-to-offline platform, xparts.africa. Additionally, Fixit45 is gearing up for market entry into East Africa, with a primary focus on Kenya and Uganda.

    “This funding represents a pivotal moment for Fixit45. We are profoundly grateful to our investors for their faith in our vision and our unwavering commitment to revolutionizing the African automotive aftermarket sector. With this capital infusion, we are well-positioned to advance towards our expansion objectives.” -Pankaj Bohhra, Co-founder & COO of Fixit45.

    Entrance into East Africa

    East Africa, with its burgeoning automotive industry, presents a prime opportunity for Fixit45. With a focus on Kenya and Uganda, the company is set to establish a robust presence, offering essential auto services and spare parts to cater to the evolving demands of local customers. The expansion into this region aligns with Fixit45’s mission to redefine the African automotive industry narrative.

    “We are thrilled to collaborate with Fixit45 in transforming the African automotive aftermarket. Fixit45 boasts a formidable team, and its platform offers a seamless experience across the automotive aftermarket value chain. We are impressed by their unwavering commitment to excellence, compliance, and accountability. We have every confidence that the company is well-prepared to achieve its ambitious goals.” -Janade du Plessis and Zachariah George, Co-Managing Partners at Launch Africa Ventures

    Fixit45’s triumphant pre-seed funding round signifies a significant milestone in its journey. With a clear vision, strategic allocation of resources, and strong partnerships with industry leaders, Fixit45 is poised to make a profound impact on the automotive aftermarket sector. This expansion not only benefits customers in Nigeria but also extends its reach to East Africa and beyond.

    Fixit45 boasts an extensive network of over 300 operational workshops across nine Nigerian cities. These workshops serve nearly 4,000 clients and collaborate with 1,200 spare parts manufacturers, distributors, and retailers, including industry giants like Toyota, Nissan, Honda, and more. The company’s solid customer base includes prominent names such as FBNQuest, Mano, Drive45, Moove, Jotna, Gokada, and many others.

    The African automotive industry, valued at US$30.44 billion in 2021, is projected to reach US$42.06 billion by 2027. This industry plays a pivotal role in African economies, contributing to economic growth, improved road safety, and an enhanced quality of life. Reliable mobility is a catalyst for social and economic inclusion, providing access to employment, education, and public services.

    With over 12 million registered vehicles and a population of 200 million, Nigeria has a motorization rate of just 0.06 vehicles per person. The majority of vehicles in Nigeria are imported and pre-owned, highlighting the need for high-quality repair and maintenance services in the market. Vehicle owners are increasingly opting to upgrade and repair their existing vehicles, emphasizing the demand for top-notch automotive services and spare parts.

    As Fixit45 sets its sights on expansion, it aims to address these evolving needs, making a significant impact on the African automotive aftermarket sector and enhancing mobility and convenience for customers across the continent.

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