OLX Group announced $89 million global investment in the series C funding round of online car marketplace, Frontier Car Group, the parent company of CarFirst. Headquartered in Berlin, the startup is currently operating in six countries.
A joint press conference took place yesterday where OLX announced this investment in the parent company of Pakistan’s first online used car selling platform — CarFirst. This record investment aims to deliver the most comprehensive experience to auto buyers and sellers in the country.
The collaboration of OLX’s largest online auto inventory and CarFirst’s hassle-free car trading services will provide buyers, sellers, and dealers with industry-leading products and services. Car sellers will be able to sell their cars through either the OLX classifieds platform or at CarFirst’s Purchase Centers. This will bring the world of online car trading together with an on-ground network of value-added car services.
Bilal Bajwa, CEO, OLX Pakistan stated;
“OLX has created Pakistan’s largest community of buyers, sellers, and businesses in automobile sector with more than 150,000 car listings generated every month. CarFirst is an exciting venture empowering users to cash their car hassle free and we want to fuel their expansion to facilitate OLX user in terms of ease in the transaction. This investment will bring an unparalleled level of services for OLX Users & together with CarFirst we will offer the best online auto experience for individuals and Dealers in Pakistan.”
“CarFirst was founded in 2016 and secured one of Pakistan’s largest round of Series ‘A’ investment from FCG”, said Raja Murad Khan, CEO, and Co-Founder of CarFirst. “This new investment with OLX comes at the perfect time for us to expand operations. In the coming year, CarFirst and OLX will integrate their services to provide users top of the line experience in selling and buying used cars, including many new products and services that have never been offered before in Pakistan.”
Together, OLX and CarFirst will offer comprehensive solutions for all things related to cars, such as evaluation, certification, financing, insurance, live auctions, and many more. OLX and CarFirst will collaborate to add value to the customer’s journey, improving efficiency and transparency at every milestone of the car trading process.