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Kavak crosses the Atlantic, arrives in Turkey with the acquisition of Garaj Sepeti
The used car buying and selling company Poplaracquired the Turkish company in this field Garage Basket to start buying and selling pre-owned vehicles in the European country. With this acquisition, Kavak expands its borders outside of Latin America, where it already operates in Mexico, Argentina, Brazil and it is expected that soon in Chile.
Kavak has not released details of the deal, but Turkish competition regulator Rekabet Kurumu published approval of the Garaj Sepeti acquisition last September. The company is expected to start operating a refurbishment and sale center in this country which is located on the border between Europe and Asia.
The acquisition of sole control of Araba Sepeti Otomotiv Danışmanlık Hizmetleri San. Go Tic. ACE. by Kavak Holdings Limited through Kavak Intermediate Holdings LLC has been authorized ”, stated the Turkish competition regulator.
According to Turkish media, Garaj Sepeti’s valuation at the time of Kavak’s acquisition was around $ 40 million. Founded in 2017 as a used car trading platform, Kavak’s new operation in the old continent will retain Mehmet Celikol as its CEO.
Kavak became the first Mexican startup to achieve unicorn classification in September 2020, with a valuation of more than $ 1 billion. Less than a year later and after a $ 700 million investment round led by the General Catalyst fund and accompanied by Tiger, Spruce House, D1, SEA, Founders Fund, Ribbit and the Japanese giant SoftBank, the company became the second most valuable startup in Latin America, after the Brazilian neobank Nubank, with a valuation of $ 8.7 billion.
Founded in 2016 by Carlos García Ottati, Roger Laughlin and Loreanne García, Poplar It has become one of the first startups to achieve internationalization, after its arrival in the Argentine market in an alliance with Checkars and an investment of 10 million dollars. In January 2021, the company announced its arrival in Brazil with an investment of 500 million dollars.
The company has 40 logistics centers for the reconditioning and sale of pre-owned cars, of which 20 are in Mexico, in addition to 4,700 workers around the world. In June 2021, the company announced the appointment of Alejandro Guerra as its new executive director in Mexico, who announced the investment of 8,000 million pesos in the country.