Kenyan startup Sokompare has launched its peer-to-peer (P2) marketplace for cars, allowing users to more easily buy, sell, insure and finance their vehicles.
Sokompare has already managed to acquire 150 car dealers as users, and already lists around 7,000 cars on the platform.
Chief executive officer (CEO) and co-founder Viral Shah told Disrupt Africa Sokompare – which has just come out of its beta testing stage – was the one stop shop for anything car-related in Kenya.
“There are big players in the online auto bazaar business, but with our approach we have gone one step further to offer complementary products and services,” he said.
“We offer better services, such as special offers and price comparison, while we are also building a trusted seller portal for the more risk conscious users. We will also offer live insurance comparison within the next couple of weeks, and we are already offering financing opportunities.”
Sokompare has already raised an undisclosed amount from strategic angel investors, with Shah saying it has world class advisors on its board.
Currently only operating in Kenya, the startup has a long-term strategy to enter other East and West African markets over a seven-year period.
“The business is very lucrative, the idea of offering users a single platform to manage all their requirements works very well,” Shah said.
“The journey so far has been absolutely rewarding. Our web platform is intuitive and we’re always improving the platform to make it even more so.”