Home Technology VavaCars raises $50m in Collection B funding to broaden operations in Pakistan, Turkey

VavaCars raises $50m in Collection B funding to broaden operations in Pakistan, Turkey

by News Updater

VavaCars, a Turkey-based on-line buying and selling platform for getting and promoting used automobiles, has raised $50 million in Collection B funding to broaden its operations in Pakistan and Turkey.

Duquesne Household Workplace LLC (based by Stanley F Druckenmiller) and Vitol, together with one other traders participated within the spherical, in accordance with a press assertion issued by the corporate.
Lawrence Merritt, CEO and co-founder of VavaCars, mentioned the funding spherical will assist in disrupting, inventing and simplifying used-car commerce for patrons.
“In [the] two and a half years since launch, we’ve become the number one trader of consumer sourced cars in Turkey accounting for 90 per cent of all fully online sales. This demonstrates the power of our model and the huge market opportunity,” he added.
Launched in Turkey in 2019, VavaCars has traded greater than 10,000 automobiles and has 300 staff.
The corporate has been rising gross merchandise worth (GMV) by a mean of 30laptop month-on-month, serving the wholesale and retail market with the perfect number of client sourced automobiles.
“VavaCars aims to bring trust, transparency, and convenience to the pre-owned car market,” the assertion reads.
“Customers can sell their cars instantly for cash by using VavaCars online valuation tool combined with a physical inspection at one of its Customer Centres, typically located on a Petrol Ofisi forecourt in Turkey,” it provides.
The corporate additional mentioned that VavaCars has just lately launched its direct-to-consumer providing to enrich its high-frequency on-line public sale gross sales to sellers, the place customers might purchase automobiles absolutely on-line with out ever setting foot in a dealership; each automobile is absolutely inspected, reconditioned and delivered to the buyer’s residence totally free.
“Consumers benefit from a 14-day money-back guarantee and a 3-month warranty as it gives them complete peace of mind.”
In accordance with the corporate, the brand new funds will probably be used to speed up the buildout of VavaCars’ expertise platform, bodily infrastructure and model.
Sooner or later, VavaCars intends to broaden into new markets leveraging the gasoline station networks of its founding investor, Vitol, says the assertion.

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