OLX Group to Invest $89 Million into auto marketplace Frontier Car Group
OLX has reported its intends to put $89 million in Frontier Car Group (FCG) in the arrangement C financing round. The Frontier Car Group is likewise viewed as the parent organization of CarFirst, a Pakistani stage for offering utilized autos on the web.
The Berlin-based startup, FCG, was established in 2016. It at present has a nearness in six nations. The organization expects to get effectiveness purchasing and offering autos using foundation creation, innovation, advancement, and capital access.
FRONTIER CAR GROUP
The FCG currently operates in following countries;
- Pakistan – as CarFirst.
- Indonesia – as BeliMobilGue.
- Mexico – as VendeTuAuto.
With its arrangement C financing and organization with OLX, FCG plans to grow its tasks in different nations and enhance its money administrations. OLX’s arranged and FCG’s moment money administrations will be consolidated to furnish the clients with industry-driving items and experience. Clients would now be able to profit by both FCG’s “ensured purchase” administration and OLX Group classifieds to manage their vehicles.
The organization says that it hopes to get $250 million through auto exchanges in 2018.
FCG Co-Founder and CEO Sujay Tyle discussed the arrangement saying;
“As we look to grow further and lead the digitization of the automotive sales sector, this partnership provides us with the platform and global presence that we need to become the leading used car marketplace across high-growth markets.”
The organization, just as of late, raised $58 million – $41 million in value and $17 million in the red – in arrangement B subsidizing also. Balderton Capital and TPG Growth drove the arrangement B subsidizing for FCG.