Kavak, one of Latin America's most valuable startups based out of Mexico has expanded its operations to the UAE and Oman by merging with Carzarty.
- Founded in 2016 by Carlos Garcia Ottati, Kavak is the market-leading tech and data-driven platform for used cars with a valuation of $8.7 billion. While Carzaty was founded in 2017 by Hassan Jaffar and Marwan Chaar, as an online platform to search, compare, buy and finance new and used cars.
- Kavak, which has a presence in over 10 countries, including Mexico, Brazil, Argentina, and Turkey, will initially launch operations in the UAE and Oman as the first step of its expansion plans in the GCC, followed by Saudi Arabia, the company said in a statement.
- Kavak also plans to invest $130 million over the next two years to establish a used car operation in the Gulf region, and vehicle reconditioning centres in the GCC with plans to employ over 1000 people. With this merger, Kavak is setting itself as a global player in the used car mobility segment.
- As part of this merger, Kavak is poised on building a 15,000 sqm reconditioning centre in Dubai that will employ over 150 expert mechanics and staff and will handle a monthly capacity of 1,300 vehicles including refurbishment, servicing, and repairs under warranty.