VavaCars, a Turkey-based online trading platform for buying and selling used cars, has raised $50 million to expand its operations in Turkey and Pakistan, the company announced.
Duquesne Family Office LLC, founded by Stanley F. Druckenmiller, founding investor Vitol, along with one other new investor participated in the round.
The amount is the fourth-largest Series B funding in both Turkey and Pakistan, according to data compiled by Crunchbase website.
"Since VavaCars’ launch in April 2019 in Turkey, where it operates in close partnership with the leading fuel retailer, Petrol Ofisi, the company has traded more than 10,000 cars and has grown to 300 employees," said the company.
"VavaCars has been growing Gross Merchandise Value by an average of 30% month-on-month serving the wholesale and retail market with the very best selection of consumer sourced cars."
In Pakistan, VavaCars is operating in a space where Lahore-based PakWheels has already established a name, and is expected to face stiff competition with CarFirst and Olx also completing. However, with the used car market expected to remain buoyant, many believe there may be space for another player contingent on product-offering, and innovation.
”We intend to build the world’s most trusted used car trading platform and to make it easy for anyone to buy or sell a car without the worry. This funding round allows us to keep disrupting, keep inventing and keep simplifying on behalf of our customers," Lawrence Merritt, CEO & Co-founder said.
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