Nigerian Automotive Tech Startup Autochek Acquires Cheki Kenya and Uganda in ‘Milestone’ Deal
Nigerian automotive tech company Autochek has announced the acquisition of Cheki Uganda and Kenya from Ringier One Africa Media in what has been described as a “milestone” move.
Cheki, which first launched a decade ago in Kenya, has grown into a well-known car dealer site – spearheading the industry with 700,000 users and over 12,000 vehicle lists monthly.
The start-up eventually expanded its operations to Nigeria, Ghana, Zambia, Zimbabwe, and Tanzania before ROAM was acquired in 2017.
But now, according to a statement on ROAM’s website, the business where people can easily sell and buy motorcycles has been bought by Autochek.
According to the statement, the Nigerian automotive tech company that aims to build safe automotive commerce has now been transferred the ownership of Cheki Kenya and Uganda along with operational control.
According to Tech Crunch, the tech giant is reportedly planning to close the deal in the coming weeks, but the buying amount remains undisclosed.
The move will complete Autochek’s expansion into East Africa after acquiring both Nigeria and Ghana businesses from Cheki almost a year ago.
Speaking on the acquisition, Etop Ikpe, Founder and CEO of Autochek, said: “The acquisition of Cheki Kenya and Uganda is an important milestone for us, and we are excited to be working with ROAM Africa once again, building on their achievements over the past years. ROAM Africa has an unrivaled track record of operating and scaling some of Sub-Saharan Africa’s most innovative classified marketplaces. We look forward to leveraging on this solid business foundation.”
He added: “Autochek’s mandate is to accelerate the ability of African consumers to access better quality and affordable vehicles by providing access to financing, while also derisking the auto lending process for financial institutions.
“We are long-time admirers and collaborators of the Cheki brand; following today’s news, we intend to provide even more trust and transparency in East Africa’s automotive sector, leveraging the unique networks we are now joining together.”