The Frontier Car Group will use OLX Group’s US$400 million to fuel expansion in emerging markets.
The $400m investment, comprising a primary injection of capital in FCG and the contribution of OLX’s joint-venture shares in India and Poland, as well as the acquisition of shares held by other investors, founders and management making OLX Group the largest shareholder in FCG and puts the valuation of FCG at $700m,Techmoran noted.
OLX Group is a Prosus classifieds business. Prosus is a European unit run by South African media giant Naspers.
Frontier Car Group, was founded in 2016 and led by 26 year-old Sujay Tyle, is one of the top five best-funded automotive tech businesses in the world, closing a hefty Series B last year, a report said.The company provides a used car marketplace for emerging economies.