OLX has announced an investment of $89 million in CarFirst parent company, the Frontier Car Group (FCG).
OLX an online multinational classified platform which has announced $89 million global investment in the series C funding round, a company based in Berlin the Frontier Car Group (FCG) the parent company of CarFirst, auto marketplace operating in Pakistan receives the funding.
OLX and CarFirst are likely to announce the development in a press conference in the local hotel in Lahore on Wednesday, May 30.
The group FCG was founded in April 2016, the company currently appears to be in Nigeria, Mexico, Chile, Turkey, Indonesia, and Pakistan. The company focuses on developing and operating a used-automotive marketplace. The aim of the company is to bring efficiency in buying selling cars through technology, infrastructure creation, innovative business model and access to capital.
The CarFirst parent company has already raised $58 million in its Series B funding round led by TPG Growth and Balderton Capital.
OLX faces intense competition for automotive market in Pakistan from the local players like PakWheels. OLX tried to drag the company PakWheels in the court over a copyright infringement which PakWheels termed as a sign of desperation.
OLX say we are only trying to protect our large investments in the market over the past few years. OLX currently deals in more than 14 categories, however, 14 major categories are listed on its platform including cars, bikes, real estate, pets, mobiles and others.
OLX partnership with CarFirst might help the company get more exposure and help to reduce the competition. OLX also faces unmatched competition in another lucrative market of real estate. Pakistan’s zameen.com is the local player which gives OLX a very hard time.