July 12, 2020 All Things Fintech in Africa

Car45’s Parent Company Raises $400 million from OLX Group

Frontier Car Group, the parent firm of Car45 has raised $400 million from OLX Group. The company is looking to work with OLX Group to expand its operations in emerging markets.

In a statement by Martin Scheeepgouwer, the CEO of OLX Group he states, “Together with FGG, we are aiming to build the leading global used car marketplace, offering a premium and convenient service to millions of car buyers, sellers and dealers. We’re in a unique position to accelerate the expansion of this platform worldwide. Our experience in India is a great  proof of concept, where within the space of a year, our joint venture has already increased the number of stores threefold, with a car purchase volumes continuing to grow by10%  month-on-month.”

The Funding

  • The OLX Group’s funding will help frontier car fuel their expansion in emerging markets. The $400m investment which comprises a primary injection of capital in FCG and the contribution of OLX’s joint venture shares in India and Poland, as well as the acquisition of shares held by other investors, founders and management puts the valuation of FCG at $700m.
  • The deal will accelerate FCG ‘s ranking to one of the top five car marketplace worldwide and number one in various markets in Africa where OLX strategically pulled out  make room for Cars45.
  • FCG’s instant cash services , combined with OLX’s proprietary classified  technology  and reach have transformed  the online car marketplace, making buying and selling used cars more convenient and efficient for individual car sellers, buyers and sellers.

Banner
Related Posts

10 Tech Startups in Nigeria and What they do

April 19, 2019

April 19, 2019

Table Of Contents10 Tech Startups in Nigeria and What they do10 Tech Startups in Nigeria and What they do Nigeria’s...

Zenith General Insurance Partners with MTN to Launch Mobile Insurance

March 26, 2020

March 26, 2020

  Zenith General Insurance Company Limited known as Zenith Insurance has gone into a partnership with MTN to launch its...

All You Need To Know About Iroko TV App As a Nigerian

May 1, 2019

May 1, 2019

All You Need To Know About Iroko TV App As a Nigerian and Ghanian Have You Been a Lover of...

How to start a Startup in Nigeria

April 11, 2019

April 11, 2019 4

How to Start a startup in Nigeria Have you ever thought about building a Startup in Nigeria?  Then you probably...

UBA’s Leo is now available on Apple Business Chat

October 28, 2019

October 28, 2019

  United Bank Africa (UBA) PlC has launched the service of its Chabot, Leo on Apple Business Chat, where its...

Top 10 Fintech Companies in Nigeria and their CEOs

May 3, 2019

May 3, 2019 3

Table Of Contents10 Tech Startups in Nigeria and What they doTop 10 Fintech Companies in Nigeria and their CEOsPayStack –...

Airtel Africa Goes into a Partnership with MasterCard

October 28, 2019

October 28, 2019

  A few weeks ago, Airtel announced its partnership with MasterCard. Giving over 100 million Airtel Africa mobile phone users...

Carbon launches $100,000 pan-African fund for startups

February 19, 2020

February 19, 2020

Nigerian fintech startup, Carbon, has announced that it just launched a $100,000 pan-African fund for startups. The company revealed that...

Polaris Bank Launches a New Mobile App

October 22, 2019

October 22, 2019

  Polaris Bank, formerly known as Skye bank, has launched a mobile banking app. With the new launch, the mobile...

How The Peer To Peer Economy is Boosting Entrepreneurship in Africa

October 30, 2019

October 30, 2019

 Blockchain technology and the role of entrepreneurship in driving Africa’s prosperity in the Fourth Industrial Revolution (4IR), were some of...

Eco Bank to Launch a Pan-African Sandbox

February 5, 2020

February 5, 2020

Ecobank Group has announced a pilot launch of its Pan-African Banking Sandbox that will allow partners and fintechs across 33...

SEC to Implement the FinTech Roadmap in the Nigerian Capital Market

September 2, 2019

September 2, 2019 1

Table Of Contents10 Tech Startups in Nigeria and What they doTop 10 Fintech Companies in Nigeria and their CEOsPayStack –...

GTB Launches Beta Health Insurance

March 26, 2020

March 26, 2020 1

  For a fee of 500 Naira monthly, customers can subscribe to the GTB’ Beta Health Insurance. Guaranty Trust Bank...

Health Tech startup Lifebank Partners NIMR To Launch COVID-19 Drive Through Test Centre in Nigeria

April 1, 2020

April 1, 2020 5

Health Tech startup Lifebank Partners NIMR To Launch COVID-19 Drive Through Test Centre in Nigeria Healthcare technology and logistics company,...

Chat bots Driving Financial Inclusion

April 20, 2019

April 20, 2019

  Chat bots are now taking over the banking space. Unlike the  traditional methods used by financial institutions which are...

Comments
Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.