Mexican pre-owned car marketplace Kavak acquired Turkish company Garaj Sepeti with an interest in expanding to the Asian market. With this acquisition, Kavak expands its operations outside Latin America.
The company operates in Mexico, Argentina, Brazil, and soon expected Chile, with 4,700 workers around the world.
Kavak has not released details of the deal, but The Turkish Competition Authority Rekabet Kurumu published the approval of the Garaj Sepeti acquisition last September. The company expects to start operating in this country located at the border of Europe and Asia.
“The acquisition of sole control of Araba Sepeti Otomotiv Danışmanlık Hizmetleri San. Go Tic. ACE. by Kavak Holdings Limited through Kavak Intermediate Holdings LLC, has been authorized”, said the competition regulator in Turkey.
Kavak became the first Mexican startup to achieve unicorn status in September 2020, with a valuation of more than $1 billion. Less than a year later, after a $ 700 million investment round led by General Catalyst, the company became the second most valuable startup in Latin America, after Brazilian neobank Nubank, which holds a valuation of $8.7 billion.
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