Naspers Backs Rent-to-Buy a Car Firm in $100 Million Deal
- Planet42 to use funds for South Africa and Mexico expansion
- Rent-to-buy firm said Mexican market similar to South Africa
The Planet24 website.
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Naspers Ltd., an early investor in China’s Tencent and still its largest shareholder, is backing rent-to-buy car firm Planet42 in a $100 million debt and equity fund-raising.
The startup, that mainly operates in South Africa where Naspers is based, will use the funds for growth within the country and further expansion in Mexico, Planet42 Chief Executive Officer Eerik Oja said in an interview. The firm, founded in 2017, provides vehicle financing mostly to people who can’t access it from banks.