Mexican used-car platform Kavak announced this Wednesday its plans to invest up to BRL 2,5 billion and create 16,000 jobs in the State of São Paulo, where the company directs its Brazilian operations, by 2022.
The data was presented during a press conference by the government of São Paulo. At the event, Governor João Dória (PSDB-SP) released a package of measures to boost economic growth in the state.
The announcement corroborates the company’s plans upon its arrival in Brazil, in July 2021. Kavak believes that the investment will not only generate jobs in the country bur also make Brazil its main market in the region.
Last week, Kavak more than doubled its valuation to $8.7 billion based on its latest funding. With the new round, the startup eyes further expansion beyond its home market. Mexico City-based firm netted $700 million in its Series E round, making the platform second only to Brazilian fintech Nubank among the highest-valued startups in the region, by its own accounts.
In August, car purchase and sale platform announced four new global tech development centers with headquarters in Mexico, Brazil, and Argentina. The company plans to hire more than 500 software developers engineers in Latin America.
The company explains that demand only increased during the coronavirus pandemic as public transportation shuttered and more people turned to pre-owned cars. Kavak says it now has 5,000 employees across Latin America. Just over a year ago, the firm had only 300.