Over the past ten years, the tech ecosystem has matured, giving rise to a new generation of tech founders who cut their teeth at companies dependent on external investment.
The PayPal mafia includes influential technopreneurs and investors like Peter Thiel, Elon Musk, and Reid Hoffman. In Africa, we have witnessed the rise of the OPay and Paystack mafia, which have funded other popular companies, like LemFi and ChowDeck.
But have you met the Cars45 mafia? Having built their careers at Cars45, these individuals have funded some of Africa’s most exciting companies. Some of them were heavily linked to an OLX sales program in college and either successfully founded or exited a venture business. With an estimated $26.30 billion growth by 2029, there is huge optimism for growth in the automotive sector, where most of these founders work.
1. Etop Ikpe
Role in Cars45: Founder and CEO
After Cars45: Founder and CEO of AutoChek
At the top of the list is Ikpe who is a serial Nigerian entrepreneur. Together with co-founders Mohammed Iyamu, Peter Lindholm, and Sujay Tyle, he built Cars45 in 2016. Cars45 was inspired by the idea of closing a car deal in 45 minutes partly due to his experiences in buying and selling a used car. At least 90% of Nigerians patronize used cars. Cars45’s run was indeed successful. The company raised a $5 million Series A round in funding from Frontier Cars Group within one year of its establishment and expanded into Ghana and Kenya.
By 2020, Ikpe wanted a new challenge. His desire for a new challenge led to the formation of AutoChek, another automotive startup that dealt with car financing. Eleven ex-Cars45 employees were excited enough to join him on this journey. In less than five years of existence, AutoChek has had six acquisitions and a presence in nine countries. The company has raised over $16.5 million in over two rounds from investors like TLcom Capital, 4DX Ventures, Enza Capital, and Mobility 54 Investment SAS (the venture capital arm of Toyota Tsusho Corporation / CFAO Group).
2. Femi Oriowo
Role in Cars45: Dealer Partner
After Cars45: Founder and CEO of Carbin Africa
Oriowo joined Cars45 in 2018 as a dealer partner while taking another degree in Geology at the University of Lagos (UNILAG). He participated in an OLX sales program where he met his co-founder, Fawaz Abdul, for Carbin Africa during the period. Both of them gained requisite experience from selling cars for Cars45, which OLX already held a controlling stake in 2019. Oriowo stayed on the program till 2022 but he went on to start a car business as his side hustle, testing his sales experience. Fawaz too had a separate company known as Otunba Fawaz Motors where he sold cars, the founders told Condia.
Despite having separate ventures, both founders co-founded Carbin Africa to help dealerships struggling with slow inventory turnover. With the help of the Cars45 network, which consisted of mentors like COO and Co-founder, Fixit45 Pankaj Bohhra, former Cars45 CEO, Soumobroto Ganguly and Femi Folarin VP of Trade; they participated in 54 Collective’s Gen F program—a venture studio, which led to the incorporation of Carbin Africa in 2023. The company exceeded a billion naira in Gross Merchandise Value (GMV) in 2024, selling more than 80 cars. A key differentiator is the company’s AI-powered data platform which provides real-time access to 1,800 unique car listings across all dealerships, updated every 30 minutes.
3. Promise Ndem
Role in Cars45: Territory Manager, Retail Operations
After Cars45: Founder and CEO of Carschek
Ndem is no stranger to world of autotech. He has been immersed in the autotech world for a decade, strategically choosing roles within the industry. In January 2015, Ndem began his career as a Customer Service Advisor with an Indian multinational automotive company, Tata Motors. In Nigeria, Tata Motors is one of the largest exporters of various models of trucks and buses in the auto sector.
Ndem moved on from Tata Motors to Aseba Star Motors after a year. This continued till he joined Cars45 as an Operations Supervisor in September 2016. He spent eight years at the company rising to the position of Territory Manager, Retail Operations. Ndem helped the company in health and safety practices as well as training modules for junior workers. He played a major role in analysing data and market trends to help Cars45 manage costs and improve operations. In 2023, Ndem branched out to begin his startup, CarCheck, whose core offering is vehicle inspection, quality after-sales, and maintenance services to enable buyers to make the right purchase decision. Last year, the startup partnered with FixIt, another Cars45 alumni, to offer after-sales service to prospective customers.
4. Justus Obaoye
Role in Cars45: Vice President, Aftersales
After Cars45: Founder and CEO of Billboxx
Obaoye has spent nearly a decade in the auto sector specialising in the after-sales segment. In 2018 as CEO of Charistouch Technologies, he designed a product—Carido which connected customers needing auto services— with service providers. This business was acquired by Cars45 in November 2019. On completion of the acquisition, Obaoye joined Cars45 as Head of Aftersales in late 2019.
He stayed for barely two years before founding FixIt45, a Nigerian startup that provides automotive spare parts, vehicle repairs and maintenance services. Under his one-year watch as CEO, FixIt45 acquired Parkit, a platform offering a wide range of auto care services. According to Obaoye, Parkit was committed to building out and digitizing the fragmented vertical in the auto care and car wash space, an innovation which shared similarities with vehicle after-sales services. After founding FixIt, Obaoye left the business to serve as country manager for Bolt Nigeria before working on an integrated bill payment startup, Billboxx. Billboxx has since raised $1.6 million in seed funding.
5. Oluwaseyi Adefemi
Role in Cars45: Head, Lease Business
After Cars45: Founder and CEO of Drive45 Mobility
Adefemi joined Cars45 in 2019 after the acquisition of his former company, Carido—an on-demand automobile service firm, was completed. He was made the Head of the Lease Business where he worked for nearly three years, building a leasing business unit from the ground up. By May 2021, Adefemi left Cars45 to start his own lease business— Drive45 Mobility Limited. Drive45 helps to create a pathway to vehicle ownership for retail and enterprise customers through a Rent-to-Own mobility subscription model.
6. Soumobroto Ganguly
Role in Cars45: Chairman
After Cars45: Entrepreneur, Investor and Co-founder
Founder, Chairman, investor, mentor and serial entrepreneur. Ganguly wears many hats. The most recognisable one is the role of Chairman at Cars45 which he performed until the company merged with Jiji in 2021. Before that, Ganguly worked in several roles as an operator and in senior management, including acting as CEO of Moving Picture Co, and founder of Moxie Group, a creative film group. He also consulted for KPMG, Infosys, Abraaj Group, JK Fenner, Navis, and Milestone Capital.
After Cars45, Ganguly served on the board of various companies like 54 Collective (Formerly Founders Factory), Eden Life and as chairman for Drive 45 Mobility and FixIt45— all mobility businesses of his various mentees. Ganguly has successfully created a pipeline that is producing a new wave of mobility entrepreneurs. Many of these individuals honed their skills under his mentorship at Cars45 and now lead some of West Africa’s most prominent startups, such as Carbin Africa, FixIt45, and Drive45 Mobility.
7. Fikayo Otun
Role in Cars45: Head of Technology
After Cars45: Co-founder of Kodobe
Other peers may have had operator experience but Otun is the technical expert. In 2006, he ventured into full-stack engineering at Nigeria’s leading provider of identity management, Chams Plc. Two years later, he was promoted to head the software’s research and development arm in the company. Another role he held for another 2 years. Fast forward to 2017, Otun landed a senior role as the Head of Technology for Frontier Car Group, the parent company of Cars45. Otun left Cars45 in 2020 to focus on Kodobe, a company he co-founded to provide APIs and gamification tools for other businesses to grow and bolster revenue.
