The Mexican unicorn Kavak announced the start of its operations in Brazil with an investment of more than 500 million dollars.
“Our business model is growing fast, due to our ability to formalize the pre-owned car market through data technology and artificial intelligence, which allows us to streamline the car buying and selling process; reduce reconditioning time and evaluate the different financing options, in addition to eradicating fraud risks by eliminating dealing with third parties and granting guarantees in a sector that registers various types of crimes due to informality in transactions ”, stated Carlos García Ottati , CEO of the company for the sale and purchase of pre-owned cars.
Kavak , founded in 2016, expects to hire more than 1,000 people in the next six months and establish the largest vehicle reconditioning center in Latin America in Sao Paulo, to achieve the purchase of 100,000 cars and 50,000 cars sold by the end of 2022 The startup estimates more than 200 thousand units purchased in the next two years of operation worldwide.
The Mexican company began operations in Argentina in August 2020 and in October of the same year it reached the status of the first Mexican unicorn, obtaining a valuation of 1,150 million dollars. Four months later, it quadrupled its valuation to $ 4 billion, after raising more than $ 900 million in venture capital. , positioning itself as one of the most valuable startups in Latin America.