MultiChoice Innovation Fund led $400k debt capital received by SA’s Michanic
The MultiChoice Innovation Fund has granted South African mobile auto service and repair platform Michanic a loan for US $400,000 so that it may continue to improve its technology and spread throughout the nation.
Lesetja Dikgale founded Michanic in 2016, enabling customers to seek immediate service and repair quotations via its online platform and save up to 35% compared to dealerships and independent garages.
The firm has serviced hundreds of automobiles since its founding and today collaborates with over 100 partner technicians across Gauteng and Johannesburg. Following the acquisition of a US $400,000 loan from the MultiChoice Innovation Fund, it is now preparing for future development.
“Michanic has achieved a growth rate of over 80 percent year-on-year and continues to innovate in the aftermarket automotive industry,” Dikgale said.
“Customers are stretched to the limit in terms of finance and time, and we bring a solution to both those challenges by providing car service and repairs at their homes for their convenience, and because of our lower overheads, we can drive the cost of maintenance down, in some cases by over 40 percent.”
Michanic will be able to grow throughout the Eastern Cape, Mpumalanga, and the whole of the Western Cape thanks to support from the MultiChoice Innovation Fund. Additionally, it wants to grow into the larger SADC area.
“The funding will also assist us in improving our technology and providing us with the ability to reach more customers who are in need or looking for our services,” said Thabelo Mulelu, the startup’s CTO. “It will also help us to create more job opportunities for young skilled mechanics across the country.”
