Investment led by Launch Africa, Soumobroto Ganguly, and Dave Delucia propels Fixit45’s
expansion into spare parts distribution and East Africa markets.
Lagos, Sept 20, 2023 – Fixit45, a leading player in the automotive technology aftermarket
sector, proudly announces the successful conclusion of its pre-seed funding round, securing a
substantial $1.9 million in equity and working capital. The funding round was spearheaded by
Launch Africa Ventures, Africa’s most active VC investment firm, and featured participation
from distinguished investors such as Soumobroto Ganguly and Dave Delucia, along with a
diverse group of angel investors.
This infusion of capital marks a significant milestone as Fixit45 sets out to expand its footprint
and influence within Africa’s automotive aftermarket industry. The company has earmarked
these funds for strategic expansion plans, with a particular focus on its automotive repair
business, while concurrently intensifying efforts in spare parts distribution via its online-to-offline
platform, xparts.africa. Additionally, Fixit45 is gearing up for market entry into East Africa,
notably targeting Kenya and Uganda.
Pankaj Bohhra, Co-founder & COO of Fixit45, expressed his excitement regarding the financial
support, stating, “This funding represents a pivotal moment for Fixit45. We are profoundly
grateful to our investors for their faith in our vision and our unwavering commitment to
revolutionizing the African automotive aftermarket sector. With this capital infusion, we are well-
positioned to advance towards our expansion objectives.”
Expansion into Spare Parts Distribution
Enhancing the accessibility and availability of top-quality automotive spare parts is a central
component of Fixit45’s expansion strategy. The company seeks to optimize the supply chain,
ensuring that both individual consumers and businesses within the automotive sector benefit
from streamlined processes.
East Africa Market Entry
Fixit45’s expansion strategy encompasses East Africa, with a primary focus on penetrating
markets in Kenya and Uganda. With the region experiencing substantial growth in the
automotive industry, Fixit45 is poised to establish a robust presence, providing essential auto
services and spare parts to meet the evolving demands of local customers.
Investor Confidence
The participation of Launch Africa Ventures, Soumobroto Ganguly, Dave Delucia, and a diverse
group of angel investors underscores their confidence in Fixit45’s business model and its
potential for growth. These investors bring not only financial support but also invaluable
expertise and networks that will further propel the company’s expansion endeavors.
Janade du Plessis and Zachariah George, Co-Managing Partners at Launch Africa Ventures,
expressed their excitement about the partnership, stating, “We are thrilled to collaborate with
Fixit45 in transforming the African automotive aftermarket. Fixit45 boasts a formidable team,
and its platform offers a seamless experience across the automotive aftermarket value chain.
We are impressed by their unwavering commitment to excellence, compliance, and
accountability. We have every confidence that the company is well-prepared to achieve its
ambitious goals.”
Fixit45’s triumphant pre-seed funding round marks a significant milestone in its journey. Armed
with a clear vision and a strategic allocation of resources, Fixit45 is poised to make a profound
impact on the automotive aftermarket sector, ultimately benefiting customers not only in Nigeria
but also in East Africa and beyond.
The escalating demand for quality automotive repair and maintenance services, driven by the
aging vehicle fleet and road conditions in Nigeria, has spurred Fixit45, a tech-enabled
automotive platform, to embark on a mission to redefine the automotive industry narrative.
Founded in 2021, Fixit45 boasts an impressive network of 300+ operational workshops spread
across nine Nigerian cities, including Lagos, Abuja, Port Harcourt, Ibadan, Ilorin, Enugu, Owerri,
and Jos, serving nearly 4,000 clients. Furthermore, Fixit45 collaborates with 1,200 spare parts
manufacturers, distributors, and retailers, forming partnerships with industry leaders such as
Toyota, Nissan, Honda, Hyundai, Ford, Jeep, Mitsubishi, Mikano, GAC Motors and many other
prominent distributors. The company also enjoys a solid customer base, including Mano,
Drive45, Moove, Jotna, Gokada, FBN Quest, Jiji, Pepsico, Prestige Assurance and Chellerams
Plc.
The African automotive industry was valued at US$ 30.44 billion in 2021 and is predicted to
reach US$ 42.06 billion by 2027. The automotive aftermarket industry plays a pivotal role in
many African economies, contributing to economic growth, road safety improvement, and
enhanced quality of life. Reliable mobility is a catalyst for social and economic inclusion,
facilitating access to employment, education, and public services.
According to the National Bureau of Statistics (NBS) data, Nigeria, with an estimated population
of 200 million, boasts over 12 million registered vehicles, of which 90% are imported and pre-
owned, representing a motorization rate of just 0.06 vehicles per person. The Nigerian
automotive aftermarket industry remains fragmented, with informal service providers often
lacking technical competence and warranty support for repairs.
With the escalating costs of purchasing new or foreign-used vehicles, a growing trend has
emerged, with vehicle owners preferring to upgrade and repair their existing vehicles to
enhance their mobility assets and trade-in value. This shift highlights the need for high-quality
repair and maintenance services in the market.
For media inquiries or further information, please contact: media@fixit45.com.
Published on Brandfit
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