Turkey-based VavaCars, an online trading platform for buying and selling used cars, has raised USD 50 million in Series B funding round to expand its operations in Turkey and Pakistan.
The company said in its written statement that the investment will support the brand's continued growth and speed up the transition to online vehicle sales by continuing to build the technological and physical platforms and customer center network.
New investors of VavaCars included Dutch-based founding investor Vitol, US-based Duquesne Family Office, and Singaporean GIC. Alongside the Monetary Authority of Singapore (MAS) and Temasek, GIC is one of the three investment entities in Singapore that manage the Government's reserves.
VavaCars intends to expand into new markets, leveraging its existing and new investors.