In the recent news, Turkey-based online trading platform for buying and selling used cars, VavaCars has successfully raised $50 million in Series B funding to expand its services in Turkey and Pakistan. Moreover, Duquesne Family Office LLC, establishing investor, Vitol, plus one other new investor participated in the Series B funding round.
Turkey-Based Startup VavaCars Has Traded Over 10,000 Cars
Furthermore, since VavaCars’ inauguration back in April 2019 in Turkey and January 2020 in Pakistan, the Turkey-based startup has traded over 10,000 cars and has grown to 300 employees. The Turkey-based startup VavaCras has been increasing GMV by an average of 30 percent month-on-month serving the wholesale and retail business with the very best preference of customer sourced vehicles and intends to do more so with the recently raised Series B funding.
With the latest Series B investment, VavaCars intends to bring assurance, transparency, and convenience to the pre-owned car market. Clients can sell their automobiles immediately for cash by using VavaCars online estimate tool combined with a physical examination at one of its Customer Centers.
VavaCars recently launched its direct-to-consumer offering to complement its high-frequency online auction sales to dealers, where consumers can 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. The company intends to expand its operations with the newly raised Series B funding.
VavaCars is Reinventing the Car Buying Experience
Consumers benefit from a money-back guarantee and up to a 3-month warranty, for complete peace of mind. VavaCars is reinventing the car buying experience, and the newly raised investment will be used to accelerate the buildout of VavaCars’ technology platform, physical infrastructure, and brand.
The Startup Intends to Build World’s Most Trusted Used Car Trading Platform
In the future with the raised Series B funding, Turkey-based startup, VavaCars intends to expand into new markets leveraging the fuel station networks of its founding investor, Vitol. Lawrence Merritt, CEO & Co-founder stated,” 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 latest Series B funding round allows us to keep disrupting, keep inventing and keep simplifying on behalf of our customers.”
“In the two and half years since launch, we’ve become the number one trader of consumer sourced cars in Turkey accounting for 90% of all fully online sales. This demonstrates the power of our model and the huge market opportunity,” he further added.