Kavak, Latin America’s highest-valued startup, is investing $130 million over the next two years in the Middle East, pushing ahead to expand its used-car operations despite the global economic downturn.
The Mexico City-based company is branching into the United Arab Emirates (UAE) and Oman, through a merger with Oman-based Carzaty, and into Saudi Arabia with its own operation, the company said in a statement. The expansion follows moves into Colombia, Chile, Peru and Turkey earlier this year, on top of existing operations in Brazil, Argentina and Mexico, bringing Kavak’s reach to 10 countries.
