VavaCars, a c-to-b-to-c automotive marketplace focused on Turkey and Pakistan, today announced $50 million in Series B funding from three investors.

New investors investment banking company Duquesne Family Office LLC and another unnamed one participated in the round along with VavaCars’ founding investor Vitol Group, a world’s leading oil-trading company based in the Netherlands.

Lawrence Merritt, CEO and co-founder of VavaCars said the funding round will help in disrupting, inventing and simplifying used-car trade for customers.

“In the two and half years since launch we’ve become the number one trader of consumer sourced cars in Turkey accounting for 90% of all fully online sales,” Merritt said in a statement.

VavaCars launched in Turkey in 2019 and in January 2020 in Pakistan. With GMV growing an average 30% month-on-month, it has traded more than 10,000 cars and has 300 employees.

The funding was announced first time since its inception.

The startup, owned by Vitol, shares an ambition of auto businesses to command inventory sourcing and digital retailing.

VavaCars eyes $1 billion in GMV by 2023, Merritt previously told the AIM Group in an interview.

With Turkey launchpad of its services, the auto vertical faces competition mainly from Arabam.com and Tasit.com / Araba.com. Mobile-first horizontal marketplace LetGo Turkey, a part of Prosus-owned OLX Group, is also an emerging force in auto trading.

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