CarFirst raises hefty investment from Frontier Car Group
CarFirst, a platform for instantly selling used cars, has just raised an investment from the international investor Frontier Car Group. Founded in 2016, CarFirst is dubbing this investment as one of the biggest series A funds for a startup in Pakistan.
CarFirst is a digital platform with several inspection outlets in Lahore, Karachi and Islamabad. Car sellers get their vehicles inspected and are given a fair price for selling their car to CarFirst. CarFirst is not like other buying and selling vehicles platforms in Pakistan. It is buying the cars and then instead of selling it to general audience, it has created a wing of strategic partners who buy these sold cars.
Although CarFirst was launched last year, it has made great strides in the way the used car sales sector works. The latest efforts from the company is focused on removing the hassle out of having cars inspected and payments processed. CarFirst aims to reduce the process of inspecting and receiving payments to just a single hour which would be the fastest it has ever been done.
To achieve these, the company will rely on an internally developed algorithm, market intelligence and a team of employees that have been trained to be professionals at what they do.
On the company’s online platform, a seller is able to enter the details of their vehicle so that it can be inspected for free. However, if one is in need of a physical inspection of their car, they can book for one at a CarFirst inspection center.
The physical examination will focus on areas such as the engine, brakes, tires and road testing. Once done, the CarFirst experts guide the seller on the market value of the car and their willingness to buy the car at that price point.
According to the CEO and Co-Founder of CarFirst, Raja Murad Khan, CarFirst has a vision of reinventing how the used car market operates in Pakistan through the use of technology and creation of infrastructure. Through the introduction of international best practices in Pakistan, CarFirst is making it easier to sell a car.
Raja Murad Khan was previously leading Carmudi, a platform for buying and selling cars, by the Rocket Internet Group.
The series A funds were raised by Frontier Car Group. Frontier Car Group is in the business of building and running marketplaces focused on emerging markets in the auto sector. According to the CarFirst, the funds will be used in improving its online platform that is used in selling cars.
Frontier Car Group is backed by various companies including Balderton Capital and New Enterprise Associates, Inc. (NEA), EchoVC, and TPG Growth.