Oman’s Carzaty merges with Mexican car platform Kavak

  • Date: 12-Oct-2022
  • Source: Muscat Daily
  • Sector:Technology
  • Country:Oman
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Oman’s Carzaty merges with Mexican car platform Kavak

Muscat – Mexican online used-car dealership Kavak – Latin America’s most valuable startup – has merged with Oman-based online pre-owned cars platform Carzaty.

With the merger, Kavak has expanded to Oman and the United Arab Emirates, boosting its presence in emerging-market countries, the firm’s global CEO Carlos Garcia Ottati said.

The company will soon start operations in Saudi Arabia as part of its expansion plan in the GCC.

Kavak plans to invest US$130mn over the next two years to establish the largest used car operation in the Gulf region with more than 1,000 employees, and the largest vehicle reconditioning centres in the GCC.

Founded in 2016 by Ottati, Kavak is the market leading tech and data driven platform for used cars at a current valuation of US$8.7bn, a press release said.

Following the launch of its operations in Turkey in July 2022 and now the GCC, Kavak has expanded into a global player with presence in ten countries.

Carzaty was founded in Oman at the end of 2018 by ex-McKinsey consultant Hassan Jaffar al Lawati and Harvard Business School alumnus Marwan Chaar.

Commenting on Carzaty’s early journey and the future with Kavak, co-CEO of Kavak GCC, Lawati said, “When we launched Carzaty in Oman we were problem