Used Car Startup Kavak to Invest $180 Million in Global Push

Mexican used car startup Kavak is branching out into three more Latin American countries and launching its first foothold outside the region in Turkey as it seeks to prove it can expand its “super app” online business model across emerging markets.

Currently Latin America’s most valuable startup, Kavak is planing to invest $120 million in Colombia, Chile and Peru and at least $60 million in Turkey after setting up initial operations late last year, said founder and Chief Executive Officer Carlos Garcia Ottati in an interview. However, Kavak is also cutting costs across Mexico, Brazil and Argentina as the economic environment worsens, he said.