Sylndr's expansion into three new verticals—Sylndr Swift for digital automotive financing, Sylndr Plus for inspections and maintenance, and Al-Ajans for a dealer-to-consumer marketplace—aims to reduce its dependence on inventory and capital. These services are integrated into a single mobile app, creating a one-stop shop for car ownership management. Sylndr'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. The company works with over 1,000 dealers nationwide and plans to deepen its presence in Egypt, where it claims to be 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 evolved into a broader mobility platform offering digital auto loans, car servicing, and a marketplace for third-party dealers, integrating these services into a single mobile app.
- Sylndr's revenue is now evenly split between direct-to-consumer sales and B2B transactions with dealers, with newer financing and servicing verticals expected to contribute up to 60% of gross profit within two years.
- 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 using the market as a springboard to the Gulf.