Originally conceived in Cairo, Sylndr has gone on to raise a combined $15.7 million. The company’s vision was to go beyond just selling used cars online to include auto financing, servicing, and eventually provide tools for automotive dealers. This deep strategic play aims to capture Egypt’s burgeoning automotive market. Used cars drive this sector, which is overall still one of the most under-digitized.
Omar El Defrawy, co-founder and CEO of Sylndr, is committed to providing a better experience for consumers and dealers alike. His commitment and vision push the company’s mission forward. “We’ve fully integrated these services to help customers buy, sell, finance, rent, and service their cars—and to help dealers operate more efficiently and go digital,” he stated.
Having initially focused only on helping people buy used cars online, Sylndr has since expanded its model. Among them, the company has recently introduced a dealer-to-consumer marketplace called Al-Ajans, which other third-party dealerships can use to list and sell their inventory. Sylndr handles everything end-to-end in the transaction — vehicle inspection, title transfer, and processing payment.
Sylndr’s expansion into auto financing and servicing is timely, especially considering the Egyptian government’s 2021 ban on used car imports. This regulation has inadvertently prompted the market to depend entirely on domestic inventory. Therefore, efficient marketplaces to trade vehicles has never been more critical. Used cars in Egypt currently outnumber new vehicles by a ratio of 3:1.
The company is counting on rapid growth in its new financing and servicing verticals. In fact, they want to reach at least 60% of gross profit in the next two years. Beyond enabling easier sales, Sylndr is doing the opposite by providing digital auto loans, with financing approvals sent in less than ten minutes. Along with the cars available for purchase on their platform, their new service Sylndr Plus offers inspections, maintenance and servicing to cars.
Recent figures show that Sylndr has made phenomenal progress in the last 12 months. Sales have increased almost an order of magnitude since 2022. Yet at the same time, revenue in Egyptian pounds has increased 22-fold. When adjusted for inflation, revenue quintupled.
Even as Sylndr scales up quickly, it’s a clear sign of a new shift in consumer behavior. This trend perfectly illustrates the vast opportunity for digital solutions across the automotive industry. Ashley Lewis commented on Sylndr’s innovative approach, stating, “Sylndr is building the digital backbone of mobility in a market where access, trust, and financing have long been barriers to ownership. Their integrated model brings together commerce, credit, and technology to fundamentally improve how Egyptians buy and sell cars.”
Sylndr has big plans to expand its marketplace and enrich the services it provides. It is determined to address issues consumers and dealers are currently facing in the Egyptian automotive industry. The company’s expansion signifies a pivotal moment in Egypt’s vehicle market as it embraces digital transformation.