Cairo-based automotive startup Sylndr has secured a fresh $15.7 million investment as it broadens its offerings beyond used-car sales to include automotive financing, maintenance services, and digital tools for dealerships. The funding round was spearheaded by Development Partners International’s Nclude Fund and drew additional support from previous investors Algebra Ventures and Nclude.
Since its founding in 2021 by Omar El Defrawy and Amr Mazen—both seasoned executives from Egypt’s e-commerce and food delivery sectors—Sylndr has evolved rapidly from a specialized used-car buyer and seller into a comprehensive mobility platform. Initially, the startup focused on purchasing vehicles directly from owners, refurbishing them, and reselling to consumers, offering a warranty and a money-back guarantee. Sylndr has now expanded to integrate a broader range of services, including quick-approval digital auto loans and convenient vehicle servicing, along with a marketplace where third-party dealers can sell their cars seamlessly.
According to El Defrawy, Sylndr initially identified an unmet consumer need in a traditionally fragmented market. “When we first began, our primary objective was addressing consumer issues in buying and selling used cars,” El Defrawy explained, “but as we scaled, it became evident that unlocking real value required building interconnected businesses around financing, servicing, and digitalizing dealership operations.”
Egypt’s used-car sector, home to more than six million vehicles, has long been overdue for digital disruption. Since the government’s 2021 ban on imported used cars, the nation’s reliance on a finite domestic stock has dramatically increased prices, tied closely to the turbulent cycles of currency devaluation. Despite outnumbering new vehicle sales three-to-one, the used-car trade remains largely mired in informal, risky transactions through unregulated dealers or classified websites.
Sylndr addresses this chaotic market, valued at an estimated $10 billion, by implementing standardized inspection procedures, transparent pricing, digital finance options, and a secure process for transferring vehicle ownership. El Defrawy notes that Sylndr’s average sale prices have stayed consistent at around $20,000-$25,000 when measured in dollar terms despite significant currency fluctuations, a reflection of the domestic market’s unique dollar-linked pricing strategy.
Though the company has not disclosed its precise revenue or sales metrics, El Defrawy noted sales volumes have grown nearly tenfold since 2022, while revenues in Egyptian pounds rose by a factor of 22. Adjusting for exchange rate shifts during that period, revenue growth is still five-fold in dollar terms. Including nearly $10 million in debt secured from local banks in the previous year, Sylndr has now raised a total surpassing $30 million, starting from its initial pre-seed round of $12.6 million in 2022.
In recent developments to diversify its revenue streams, Sylndr launched three distinct verticals under one integrated mobile application. The first, Sylndr Swift, connects customers to partner banks and lending institutions, offering digital auto financing approvals as quickly as 10 minutes, though Sylndr itself does not provide direct financing. The second vertical is Sylndr Plus, dedicated to vehicle inspection, repair, and servicing of vehicles sold through the platform. Lastly, Al-Ajans serves as a dealer-to-consumer marketplace, facilitating third-party dealer listings with Sylndr managing inspections, official ownership transfers, and secure payment processes.
“We have fully integrated these services, enabling consumers to effortlessly buy, sell, finance, rent, or service their cars, while simultaneously equipping dealers to embrace digital platforms more effectively,” El Defrawy emphasized. Currently, Sylndr’s revenue is evenly split between direct-to-consumer transactions and B2B dealer partnerships, but he anticipates that the newer service and financing segments will constitute up to 60% of gross profits within the next two years.
Sylndr is already working with over 1,000 dealers nationwide and, according to El Defrawy, has established itself as Egypt’s leading used-car platform by volume and transaction value. While other automotive-focused competitors such as Contactcars, OLX Egypt, and Nigeria-based Autochek (which entered Egypt with AutoTager in 2023) offer comparable services, El Defrawy believes Sylndr’s end-to-end integration effectively sets it apart. Its sophisticated operations—including comprehensive inspection processes, vehicle refurbishment capabilities, and robust banking partnerships—have created significant competitive barriers, making replication challenging, particularly for players outside Egypt.
Unlike many Egyptian startups that use their domestic base as a stepping stone to expansion in the Gulf region, Sylndr remains firmly focused on deepening its presence across Egypt. Ashley Lewis, managing partner at DPI Venture Capital, praised the company’s transformative impact, stating, “Sylndr is building the digital infrastructure for mobility in a marketplace historically burdened by lack of access, limited trust, and insufficient financing options. Their model integrates commerce, financing, and technology, fundamentally reshaping how Egyptians purchase, finance, and trade vehicles.”
This latest funding for Sylndr represents DPI Venture Capital’s third significant investment announcement in Egypt within recent weeks, following earlier commitments to fintech startup MoneyFellows and real estate platform Nawy.
