OLX, the well known online classifieds service has announced an $89 million global investment in the Series C funding round of Frontier Car Group (FCG), the parent company of CarFirst.
The two companies announced this major development in a press conference yesterday in Lahore revealing that the investment by OLX will deliver the auto buyers and sellers a comprehensive experience.
According to the two companies, Pakistanis will be able to sell their cars through either the OLX classifieds platform or at CarFirst’s Purchase Centers.
FCG was founded back in April 2016 and has a presence in Nigeria, Mexico, Chile, Turkey, Indonesia, and Pakistan. The company is aimed at improving the auto buying and selling experience in the emerging markets using the latest technology.
CarFirst’s parent company raised $58 million – $41 million in equity less than a month ago and $17 million in debt funding in its Series B funding round which was led by TPG Growth and Balderton Capital.
PakWheels is one of the major players in the online auto trading service and it would be interesting to see if the two companies will be able to steal away a substantial market share from the company.
You can also check out how to buy and sell cars safely on CarFirst by clicking here.