Startups
Kavak Valuation Slashed by $6.5 Billion After $127 Million Raise
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The valuation for Latin America’s most valuable startup was cut, by $6.5 billion, to $2.2 billion in its most recent funding round.
Mexico-based online used car dealer Kavak raised $127 million in an equity round that closed in March, which helped the firm secure two $200 million debt facilities, from Goldman Sachs Group Inc and HSBC Holdings Plc each, the company’s founder Carlos Garcia Ottati said in an interview with Bloomberg News.