Mexican unicorn Kavak lays off 150 people in Brazil

Online car dealership Kavak has scaled back its operations in São Paulo and Rio de Janeiro less than a year after expanding into Brazil from Mexico, laying off about 150 employees, local newspaper O Estado de São Paulo reported Thursday.

RIO DE JANEIRO, BRAZIL - Founded in 2016 and backed by Japan's SoftBank, Kavak became the first Mexican tech "unicorn" in October, when it reported a valuation of more than US$1 billion, making it the second most valuable startup in Latin America.

The Brazilian media spoke to several of the dismissed workers . . .

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