Cairo-based Sylndr has secured $15.7 million in fresh funding to expand its digital platform for buying, selling, financing, and servicing used cars in Egypt. The investment, led by Development Partners International’s Nclude Fund, will fuel the company’s growth beyond online sales into auto financing, servicing, and tools for dealers.
Founded in 2021 by Omar El Defrawy, Sylndr has evolved from a consumer-focused platform for buying and selling used cars to a comprehensive mobility solution. The company now offers digital auto loans, car servicing, and a marketplace for third-party dealers, all integrated into a single mobile app.
Egypt’s used car market, valued at an estimated $10 billion, has been largely unregulated and informal. Sylndr aims to address this by formalizing processes around inspections, standardized pricing, digital financing, and secure ownership transfers.
The platform’s average sale price ranges between $20,000 and $25,000, remaining stable in dollar terms despite the Egyptian pound’s devaluation. Sylndr reports a nearly tenfold increase in sales since 2022, with revenue in Egyptian pounds growing 22 times during that period.
Sylndr’s expansion includes three new verticals:
- Sylndr Swift: A digital automotive financing product offering quick approvals.
- Sylndr Plus: Provides inspections, maintenance, and servicing for cars sold on the platform.
- Al-Ajans: A dealer-to-consumer marketplace for third-party dealers.
The company currently works with over 1,000 dealers nationwide and serves both buyers and sellers through online and offline channels. El Defrawy believes Sylndr’s integrated infrastructure sets it apart from competitors in the region.
With this latest funding round, which includes both equity and previously unannounced seed financing, Sylndr’s total raised since launch exceeds $30 million. The company plans to focus on deepening its presence in Egypt rather than expanding to other markets.
Ashley Lewis, Managing Partner at DPI Venture Capital, praised Sylndr’s approach, stating, “Sylndr is building the digital backbone of mobility in a market where access, trust, and financing have long been barriers to ownership.”
As Sylndr continues to grow, it aims to address the challenges in Egypt’s used car market by providing a trusted, efficient, and comprehensive platform for all aspects of vehicle ownership.
