Kazakhstani startup CTOgram raised $1.5 million in funding
CTOgram, a startup based in Kazakhstan and a participant of Astana Hub, has announced the successful completion of a new funding round. The round was led by prominent Kazakhstani businessman and venture investor Timur Turlov, with a total investment of $1.5 million. This investment has valued the startup at $13.5 million.
A year and a half ago, CTOgram entered the automotive spare parts industry, creating a platform that connects suppliers and offers a wide range of products. Through their mobile application, car owners can easily locate auto repair shops and access spare parts directly from warehouses. CTOgram's impressive database currently includes 250,000 car owners, 71 parts suppliers, and 2,000 auto repair shops, positioning the startup as one of the largest aggregators in the global auto repair industry.
Founder of CTOgram, Zhandos Tursumbayev, explained the importance of their services in the automotive parts and repair market. He highlighted the lack of organization and structure in the industry, where car breakdowns often lead to unexpected expenses. CTOgram aims to provide a rapid and efficient solution by connecting car owners with suitable repair shops, components, and units from their warehouses. The startup offers installment plans and warranties to enhance customer satisfaction. With consistent growth, CTOgram is attracting interest from various stakeholders, including taxi aggregators, insurance companies, and B2C customers, including luxury car owners.
Tursumbayev emphasized the demand for high-quality automotive repair services, citing the prevalence of garages with subpar customer service and dealerships with high prices. He believes that CTOgram has tremendous potential to address this gap by offering affordable prices and quality servicing in the mid-range segment. The startup's strong team has already achieved significant results in a short period, making them well-equipped to tap into this promising niche. Turlov, the lead investor, highlighted the synergies between CTOgram and his rapidly growing insurance business, which will provide new tools for delivering exceptional services to customers.
CTOgram has previously secured investments in two funding rounds. In 2021, they received funding from Singapore-based Quest Ventures and Kazakhstani venture fund Most Ventures. Prior to that, domestic private investors expressed confidence in the potential of the CTOgram project in 2019.
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