autoElement - 3 Interested Sharks and a Total of 230 000 GEL Attracted
One of the participants of ''Shark Tank Georgia'', who managed to win the hearts of "Sharks" and get support from them, is the application of Murad Bartishvili and Bictor Saldadze - autoElement. They attracted a total investment of GEL 230,000 from three Sharks - Mani Benishi, Dachi Choladze and Pavle Mgeladze, in exchange for a 30% stake.
Did you know that 92% of cars in Georgia have been in operation for more than 10 years, and their owners spend a total of 32 million hours a year in search of used car parts. These people search the parts in online search engines or on websites. Murad and Bictor tried to solve this problem by creating a platform "autoElement".
autoElement is a mobile app that has already reduced parts retrieval time by 34 times. The customer requests the required auto part, the sellers make different offers, and the best one is chosen directly by the buyer. After registering a request, it takes an average of 30-40 minutes to receive offers from stores, although often this time can be reduced to 5-7 minutes. The platform has already developed a business model and is growing sales. In the near future, "autoElement" plans to enter 4 foreign markets - Azerbaijan, Uzbekistan, Kazakhstan and Ukraine, for which it needs to attract additional investment.
For quick scaling, the amount of investment requested by Murad and Bictor from Shark Tank was 230,000 GEL, in exchange for which, investors would get 10%. The Sharks demanded a 30% share in exchange for this amount, which Murad agreed to after negotiating with his partner.
The main goal of "autoElement" is to become a necessary application for any driver, not only to find auto parts, but also to find out and resolve issues related to all other vehicles.