Sylndr's expansion includes three new verticals: Sylndr Swift for digital automotive financing, Sylndr Plus for car inspections and servicing, and Al-Ajans, a dealer-to-consumer marketplace. These services are integrated into a single mobile app, creating a one-stop shop for car ownership management. The company’s revenue is now evenly split between direct-to-consumer sales and B2B transactions, with expectations that financing and servicing will contribute up to 60% of gross profit within two years. Sylndr works with over 1,000 dealers nationwide and plans to deepen its presence in Egypt, asserting itself as the largest used car trading company by volume and value.
Key takeaways:
- Sylndr has raised $15.7 million to expand beyond online used car sales into auto financing, servicing, and tools for dealers, with the round led by Development Partners International’s Nclude Fund.
- The company has raised over $30 million since its launch, including nearly $10 million in debt financing from local banks and a $12.6 million pre-seed round in 2022.
- Sylndr has introduced three new verticals: Sylndr Swift for digital automotive financing, Sylndr Plus for inspections and servicing, and Al-Ajans, a dealer-to-consumer marketplace.
- Sylndr plans to deepen its presence in Egypt, where it claims to be the biggest used car trading company by volume and value, rather than expanding to the Gulf region.