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Mexican used-car startup Kavak hits US$4 billion valuation and eyes Brazil

RIO DE JANEIRO, BRAZIL - Mexican used-car platform Kavak has reached a US$4 billion valuation after raising US$485 million in new funding, it told Reuters this week, making the fast-expanding company one of the most highly valued startups in Latin America.

Kavak, which was founded in 2016 and is backed by Japan’s SoftBank Group Corp, became Mexico’s first tech “unicorn” last October when it reported a valuation of more than US$1 billion.

The new capital injection will help Kavak, an online platform for buying and selling secondhand cars operating in Mexico and Argentina, launch . . .

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