The Daily News Egypt
Tombeely targets EGP 5-10m investments in 2019: chairperson
Company provides spare auto parts via online platform
Tombeely for spare parts, a platform for selling spare parts online, aims to increase its investments to between EGP 5m and EGP 10m by 2019.
Osama Maghawry, chairperson and founder of Tombeely, said that the idea of establishing the company occurred to him when he had a car accident and had to find spare parts for his car. It took him about two months to find what he needed.
He told Daily News Egypt that he then had the idea to establish an internet platform to provide the spare parts that cannot be found on the market.
A trial version Tombeely was launched in October 2017 and the official launch was early this year.The value of sales in January reached EGP 10,000, then increased in March to EGP 70,000.
Maghawry added thatTombeely has been cooperating with Flat6Labs since February. It has provided Tombeely with the needed sum to launch, EGP 500,000. It has also provided it with guidance and direction.
Flat6Lab’s guidance includes helping Tombeely in the field of logistical services, technical issues, attracting a customer base,and enabling it to present an attractive platform for investors.
In addition to its planned EGP 5-10m investment increase for next year, Tombeely targets reaching $1m within two years. Additional funding goes to supporting content, marketing departments, technical support, and customer service.
Maghawry pointed out that the website began with only Kia and Hyundai,then added other Korean and Japanese brands in the market, offering 4,500 products, likely to reach 20,000 within two months.
“Tombeely is currently working to add new models and brands, but the size of the large market delays this,” Maghawry added.
The special orders department at the company helps customers purchase the products that are unavailable on the website.All they have to do is register the specifications of the car, such as the brand, model, chassis number, and the specifications of the part. Tombeely then provides the requested part as soon as possible, because this is one of its main advantages.
Regarding cooperation with authorised agents and providing authorised parts from them through Tombeely, Maghawry expressed his complete readiness to do so. However, he expressed reservations regarding agents not accepting such a partnership.
He said that it is easy for suppliers to register on the platform, though he said they are not approved except after guaranteeing their credibility, integrity, and ability to enrich the website and serve its customers.
Maghawry worked as head of trade and main strategy at Mubasher Invest for portfolios and fund management before he established Tombeely.
He was also member of Mubasher’s investment committee. He then helped the company’s assets under management grow from EGP 2m to EGP 500m in a three-year period.
He also has over 12 years of experience in the field of trade and investment. He has a bachelor’s of commerce degree and is a Chartered Market Technician, considered the gold standard in the field of financial analysis, which he obtained from the US-based Market Technicians Association.