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.

Besides, 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 targeted at redefining the automotive industry narrative.

To this end, Fixit45 has announced 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, 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.

However, the African automotive industry was valued at $30.44 billion in 2021 and is predicted to reach $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), Nigeria, with an estimated population of over 200 million, has only above 12 million registered vehicles, with about 90 per cent imported and pre-owned, representing a motorisation 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.

Interestingly, 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.

Speaking on the funding, Co-founder and Chief Operating Officer, Fixit45, Pankaj Bohhra, 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 revolutionising the African automotive aftermarket sector. With this capital infusion, we are well-positioned to advance towards our expansion objectives.”

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 growth potential.

These investors bring not only financial support but also invaluable expertise and networks that will further propel the company’s expansion endeavors.

Co-Managing Partners at Launch Africa Ventures, Janade du Plessis and Zachariah George, 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.”