SoftBank-backed Mexican tech unicorn Kavak expands to Middle-East

SoftBank-backed Mexican tech unicorn Kavak expands to Middle-East

FILE PHOTO: The facade of used autos platform Kavak is pictured in Mexico City, Mexico, August 25, 2020. Picture taken August 25, REUTERS/Edgard Garrido

Mexican online used-car dealership Kavak has expanded to the United Arab Emirates (UAE), Oman and Saudi Arabia, boosting its presence in emerging-market countries, the firm’s chief executive, Carlos Garcia, told Reuters on Tuesday.

Kavak plans to invest $130 million over the next two years in the three MiddleEastern countries, which are set to represent 7-10% of its business, Garcia said.

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