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Frontier Car Group, Parent Company of Cars45 Raises $400 Mn from OLX Group

Tech Gist Africa by Tech Gist Africa
11/12/2019
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Frontier Car Group, the parent company of Cars45 has raised $400 million funds from Prosus classified business, OLX Group. The fund will be used to scale Frontier Car Group’s business and launch it into a new marketplace.

Frontier Car Group (FCG) began business operations in 2016, operating a used automotive marketplace within the emerging economies of Nigeria, Mexico, Chile, Pakistan, and Indonesia.

The platform enables the on-demand purchase and sales of cars via its mobile application for users who want to order and pay for cars.

FCG operates its business in Africa under the auspices of Cars45 which has a huge market share of car purchase and sales in Kenya and Nigeria.


See Also: Nigeria-based Cars45 rolls out Premium Inspection Service


The $400 million is a primary injection of funds into Frontier Car Group from OLX’s joint ventures in India and Poland. The fund also includes minor funds invested by founders, investors and the management of OLX.

When evaluated, the new investment in Frontiers Car Group currently makes OLX Group, the largest shareholder while the market valuation FCG becomes $700 million. The valuation will also make FCG vie for one of the top 5 automotive positions and control the Africa market.

The investment will also prompt OLX leaving the automotive market in Africa to Car45 who will now operate as the automotive market place in the continent.

The CEO of OLX Group, Martin Scheepbouwer has lauded the investment. He noted that the company will build a globally used car marketplace, offer premium and convenient service to millions of car buyers and dealers globally.

The brokered investment will also benefit dealers and offer an improved intelligence dealership management system that will provide new pricing data via CarFax and Blue Book style products. On the other hand, it will also provide a transparent platform for selling used cars to sellers.

It is pertinent to state that OLX had previously invested $89M in Frontiers Car Group. With the acquisition of the $400million fund, Frontier Car Group will expand businesses into rising markets.

More on TechGist Africa

  • Jiji Acquires OLX Businesses in Sub-Saharan Africa
  • Lori Systems Raises Undisclosed Series A Funding Round to Strengthen its Business Operations
  • Vivo Launches its First Pop-up Camera Smartphone in Kenya
  • Amazon Invests R356 million to Incubate 100 Black South African ICT Entrepreneurs
  • Tizeti, Solar-based Network Provider Launches 4G Network in Nigeria
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Tech Gist Africa is a leading online technology and digital media outlet, dedicated to providing latest tech news, product launch, startup news across Africa and sharing simple social media and digital marketing tips for startups, entrepreneurs and business owners.

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