SoftBank-backed Mexican used-car unicorn Kavak hits $4b valuation
Photo: Reuters
April 7, 2021
Mexican used-car platform Kavak has reached a $4 billion valuation after raising $485 million in new funding, it told Reuters this week, making the fast-expanding company one of the most highly valued startups in Latin America.
Kavak, which was founded in 2016 and is backed by Japan’s SoftBank Group Corp, became Mexico’s first tech “unicorn” last October when it reported a valuation of more than $1 billion.
The new capital injection will help Kavak, an online platform for buying and selling secondhand cars operating in Mexico and Argentina, launch in Brazil in the next couple of months, Chief Executive Carlos Garcia said.
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RIO DE JANEIRO, BRAZIL - Mexican used-car platform Kavak has reached a US$4 billion valuation after raising US$485 million in new funding, it told Reuters this week, making the fast-expanding company one of the most highly valued startups in Latin America.
Kavak, which was founded in 2016 and is backed by Japan’s SoftBank Group Corp, became Mexico’s first tech “unicorn” last October when it reported a valuation of more than US$1 billion.
The new capital injection will help Kavak, an online platform for buying and selling secondhand cars operating in Mexico and Argentina, launch . . .
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China’s ByteDance has told an Indian court that a government freeze on its bank accounts in a probe of possible tax evasion amounts to harassment and was done illegally, according to a filing seen by the Reuters news agency.
ByteDance in January reduced its Indian workforce after New Delhi maintained a ban on its popular video app TikTok, imposed last year after a border clash between India and China. Beijing has repeatedly criticised India over that ban and those of other Chinese apps.
An Indian tax intelligence unit in mid-March ordered HSBC and Citibank in Mumbai to freeze bank accounts of ByteDance India as it probed some of the unit’s financial dealings. ByteDance has challenged the freeze on the four accounts in a Mumbai court.
By Reuters Staff
2 Min Read
FILE PHOTO: A Didi logo is seen at the headquarters of Didi Chuxing in Beijing, China November 20, 2020. REUTERS/Florence Lo
BEIJING (Reuters) - A driver employed by China’s largest ride-hailing firm, Didi Chuxing, killed a passenger by ramming his car into the man after a quarrel, the firm said in a post on social media on Monday.
Police in the southeastern city of Fuzhou said the driver had been detained, and Didi said it was cooperating with the investigation and company representatives had visited the victim’s family.
“After an argument, the driver drove the car and repeatedly rammed into the male passenger and caused his death,” Didi said on Weibo, China’s Twitter-like social media platform.