Egyptian Mobile Repair Startup iFix Scores Six-Figure Investment To Launch Phone Resale Platform
Gadded will be supported by iFix to provide an all-round solution and disrupt the mobile-selling tech industry.
Egypt-based regional tech investment firm A15 pumped a 6-figure investment into Egyptian mobile device repair company iFix, in order to launch a used phone-selling platform named Gadded. The specific amount of the investment has not been disclosed to the public, but through the platform, Gadded will be supported and powered by iFix’s technical know-how and on-ground team, while A15 will provide it with a solid ground to achieve traction locally and regionally. Sellers will receive an instant valuation of their phone, a fair price without negotiation hassle, safe data removal and instant payment. On the buyers’ side, perks include receiving a refurbished phone, one-year iFix warranty and tech support, quality assurance, payment plans based on installments, phone insurance and up to 50% off the phone’s original sticker price.
According to iFix internal data, the average user changes their phone once every two years, while electronics has become the largest e-commerce category in the MENA region with a value of $2.9 billion in Egypt and the GCC, as per Bain and Company and Google reports. “Phones have become such an integral part of our everyday life, it’s almost like they have become part of our DNA,” Chairman of iFix Mohamed Fayez says. “That is why we are excited about this investment and expansion as we continue to make the tech gadgets and phones more accessible to the Egyptian consumer.”
“Electronics” is the most penetrated e-commerce category in the region in terms of total retail sales at 16% in 2017, up from 10% in 2014, according to Bain and Company and Google reports, while Google search queries related to electronics in MENA have grown by nearly 30% over the past three years.
“Nearly 70% of online shoppers in the GCC and Egypt have bought electronics online at least once,” says Fadi Antaki, CEO of A15. “Hence, the market is a ripe space for Gadded’s novel value proposition and its unique add-ons.”
Since its inception, iFix has completed over 50,000 phone repairs in the past four years, being recognized as one of Forbes’ top 20 most promising startups in Egypt in 2016.
