The used car platform Kavak arrived in Rio de Janeiro this week – it is the second Brazilian territory where the Mexican unicorn started operating. In addition to its website and app, the platform opened two physical stores in the city. Kavak landed in Brazil six months ago, in Sao Paulo.
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According to a press release, Kavak plans to build an inventory of more than 4,000 cars within a year, investing BRL 550 million to establish its operation and acquire used and new cars not only in the city but in the state of Rio de Janeiro.
The startup wants to open 11 new physical stores in Rio de Janeiro over the next few months and the opening of nearly 1,000 jobs.
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According to Roger Laughlin, co-founder of the company and CEO of Kavak in Brazil, Rio de Janeiro is a fundamental milestone in its strategy of having the country as its main operation in the world.
In total, Kavak is investing BRL 2.5 billion in Brazil.
Founded in Mexico in 2016, the startup also operates in Argentina.