Jiji, one of Africa’s leading online marketplaces, has announced the acquisition of cars45, a transactional car marketplace with operations in Kenya, Ghana, and Nigeria, for an undisclosed amount.
In the last three years, Cars45 has been acquired at various occasions.
Frontier Car Group (FCG) invested $5 million in Cars45 in 2017, and OLX Group invested $400 million in FCG in 2019.
Cars45 was purchased from FCG by OLX Group’s OLX Autos brand in 2020.
“We are looking forward to providing a new advanced experience for Cars45 users,” says Anton Volyansky, CEO and co-founder of Jiji. Without a doubt, our collaboration on future products and services will provide consumers with added value. It’s Jiji’s first brave step into the transactional business model, and it’s a crucial foundation for the company’s future.”
“We are happy to have developed a trusted purchasing and selling experience in autos, said Soumobroto Ganguly, CEO of Cars45. Combining online and offline expertise makes sense. The merger with Jiji aims to provide users in Africa with a new type of automobile retail experience.”
“Cars45’s core value, according to Jiji’s CFO, David Ojo, is its network of inspection centers, where cars are inspected on more than 200 criteria. Unlike a classifieds marketplace where quality checks are inadequate, transactional models used by platforms like Cars45 ensure quality checks and full reporting on a car’s condition with many databases.”
Cars45 and Jiji will merge their efforts to form a new company that would provide unique services to car dealers, buyers, and sellers in Africa.
Read more on Tech Gist Africa:
FSD Africa invests US$4.5 million in Nithio FI to help Kenya, Nigeria, and Uganda scale up off-grid energy
Trella, an Egyptian trucking marketplace has raised $42 million in Series A funding
Apollo, a Kenyan agritech startup, has received a $1 million debt financing to help small-scale farmers