Cars45’s parent company raises $400million from OLX Group
It is simply amazing. Cars45 through its parent company, Frontier Car Group, has raised $400 million from OLX Group, valuing the business $700 million. Cars45 is a very fascinating startup – it buys, sells, swaps your used car within 45 minutes.
Innovation is not just about technology. Cars45 is innovating on business model. Hybrid is in the gene and Cars45 is a category-king company. OLX Group is part of the largest company in Africa, by direct and indirect market caps – the Naspers from South Africa. Cars45 is Berlin-headquartered.
Frontier Car Group, the parent firm of Cars45 parent firm has raised $400 million from OLX Group, a Prosus classifieds business. Prosus is a European unit run by South African media giant Naspers.
Frontier Car Group’s Cars45 has operations in Kenya and Nigeria and is looking to work with OLX Group to expand operations in emerging markets.
The Frontier Car Group will use OLX Group’s US$400 million to fuel expansion in emerging markets. The $400m investment, comprising a primary injection of capital in FCG and the contribution of OLX’s joint-venture shares in India and Poland, as well as the acquisition of shares held by other investors, founders and management making OLX Group the largest shareholder in FCG and puts the valuation of FCG at $700m.
About Cars45
Cars45 is Nigeria’s largest car auction service provider with the goal of helping hundreds of customers to sell their cars. At Cars45, the passion is to build the infrastructure for commerce that allows sellers and buyers of Nigerian used Cars to exchange value quickly, cheaply and with unhindered access to independent relevant information required for decision making. The company has inspection centres at strategic locations to make it easy for its dear customers to sell their cars.
Source: Tekedia
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