Startup MGZN

Cairo-based startup Odiggo bags $180,000 and plans to expand to Saudi Arabia

Odiggo, a Cairo-based e-commerce marketplace for auto spare parts raises $180,000 as seed funding at the valuation of $1.25 million, according to a statement released by the startup to MENAbytes.

The $180,000 was raised from Saudi Angel investor Saeed Al Jaberi, and the founders will be using the investment to expand their operation into the Kingdom of Saudi Arabia in July “as the traffic from there has the best conversion rate on our platform,” Ahmed Omar, the co-founder shares.

“We’ll also be using it to expand our team, grow our technical infrastructure to make it more scalable and reliable for the users, and for customer acquisition and marketing,” he adds.

Odiggo was launched in January 2018, and so far has processed over 14,000 transactions and tickets, and their sales have crossed $170,000 in just fifteen months! Isn’t that incredible?

The startup generates revenue by charging 7 to 22% commission on every order made on their website or mobile app. According to the founders, the platform Odiggo has the largest catalog of auto spare parts in the region having over 290,000 products in their database.

Startup MGZN

Startup MGZN