VavaCars raises $50m in Series B funding to expand operations in Pakistan, Turkey

Published October 20, 2021
Picture courtesy: VavaCars website.
Picture courtesy: VavaCars website.

VavaCars, a Turkey-based online trading platform for buying and selling used cars, has raised $50 million in Series B funding to expand its operations in Pakistan and Turkey.

Duquesne Family Office LLC (founded by Stanley F Druckenmiller) and Vitol, along with another investors participated in the round, according to a press statement issued by the company.

Lawrence Merritt, CEO and co-founder of VavaCars, said the funding round will help in disrupting, inventing and simplifying used-car trade for customers.

"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 more than 10,000 cars and has 300 employees.

The company has been growing gross merchandise value (GMV) by an average of 30pc month-on-month, serving the wholesale and retail market with the very best selection of consumer sourced cars.

"VavaCars aims to bring trust, transparency, and convenience to the pre-owned car market," the statement 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 adds.

The company further said that VavaCars has recently launched its direct-to-consumer offering to complement its high-frequency online auction sales to dealers, where consumers may buy cars fully online without ever setting foot in a dealership; every car is fully inspected, reconditioned and delivered to the consumer’s home for free.

"Consumers benefit from a 14-day money-back guarantee and a 3-month warranty as it gives them complete peace of mind."

According to the company, the new funds will be used to accelerate the buildout of VavaCars’ technology platform, physical infrastructure and brand.

In the future, VavaCars intends to expand into new markets leveraging the fuel station networks of its founding investor, Vitol, says the statement.

Opinion

Editorial

Smog hazard
Updated 05 Nov, 2024

Smog hazard

The catastrophe unfolding in Lahore is a product of authorities’ repeated failure to recognise environmental impact of rapid urbanisation.
Monetary policy
05 Nov, 2024

Monetary policy

IN an aggressive move, the State Bank on Monday reduced its key policy rate by a hefty 250bps to 15pc. This is the...
Cultural power
05 Nov, 2024

Cultural power

AS vital modes of communication, art and culture have the power to overcome social and international barriers....
Disregarding CCI
Updated 04 Nov, 2024

Disregarding CCI

The failure to regularly convene CCI meetings means that the process of democratic decision-making is falling apart.
Defeating TB
04 Nov, 2024

Defeating TB

CONSIDERING the fact that Pakistan has the fifth highest burden of tuberculosis in the world as per the World Health...
Ceasefire charade
Updated 04 Nov, 2024

Ceasefire charade

The US talks of peace, while simultaneously arming and funding their Israeli allies, are doomed to fail, and are little more than a charade.