Business-to-business (B2B) platform Autobia, based in Saudi Arabia, has raised $2.5 million in a seed funding round.
Sadu Capital led the investment, and Wa'ed Ventures by Aramco, Raz Holding, Techstars, and a group of startup investors also took part.
The latest investment will enable Autobia to expand within Saudi Arabia as well as attract new segments in the automotive aftersales industry and its nearby markets. The startup also plans to use the money to hire new people and build new technology to make its data-driven method even stronger.
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Emad Daghreri, who helped start Autobia, said, "We are committed to bringing the automotive after-sales business in Saudi Arabia into the new digital age."
Autobia is an online platform in Saudi Arabia that was started by Emad Daghreri and Ahmed Alawfi. It helps streamline supply chains by letting stores and repair shops order spare parts from wholesalers.
Qusai AlSaif, the CEO of Sadu Capital, said, "We found that the car aftersales business in Saudi Arabia alone is worth SAR 21 billion, and it is still run by hand. Autobia came up with a new way to use technology that gives quick pricing, a wide range of parts, and a single point of contact for a large number of wholesalers and suppliers.
What is autobia?
Autobia is a major shopping platform that links shops, repair shops, and maintenance centers to the largest group of wholesalers and agents so that they can get everything they need in one place. Its goal is to change the auto parts business by using supply chain solutions to improve operational efficiency, boost sales, and give end customers options for availability and pricing.
Since it began in 2021, the startup has had more than 20,000 spare parts and has helped more than a million spare parts get to their owners through its website. It has 23 brands of car parts, but it hopes to add more over time.
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The automotive aftermarket
In Saudi Arabia, there is a lot of manual car aftersales, which often take a long time and don't have a smooth supply chain. TechSci predicted that the car components industry would bring in about $40 billion more in sales by 2024.
Although the UAE is the leader in the region when it comes to providing auto parts, the increasing number of young people in Saudi Arabia, Iran, the UAE, and Oman has led to a rise in the number of people wanting to change their cars.
