Mexico-based digital automotive dealer Kavak will spend $180 million U.S. to open new offices and further develop its presence Latin America and Turkey.

Out of the $180 million investment, $120 million will support Kavak’s businesses in Colombia, Chile and Peru, while $60 million will aid its Turkish business, according to a media report from Reuters.

Two months ago, the AIM Group reported on Kavak’s quiet launch of its Colombian, Chilean, and Peruvian websites, before they were actively listing vehicles.

Kavak entered the Turkish market last year when it acquired Turkish auto company GarajSepeti. Its new offices in Istanbul mark the company’s first expansion outside of Latin America.

“We’re confident the expansion is something the company needs to do, but we’re doing it conservatively,” said founder and CEO Garcia Ottati during a press conference, as reported by Bloomberg.

Kavak is valued at $8.7 billion, making it Latin America’s most profitable startup. In addition to its recently launched sites, the company operates in its native Mexico–which accounts for 60% its operations–as well as Brazil and Argentina.

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