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Prosus unit to invest up to $400 million in Frontier Car Group


Added 11-11-19 07:04:02am EST - “Prosus classifieds unit OLX Group will invest up to $400 million in Berlin-headquartered used car trading platform Frontier Car Group (FCG) and combine their operations across emerging markets. "They have blown all my expectations…” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “Prosus unit to invest up to $400 million in Frontier Car Group”. Below is an excerpt from the article.

BERLIN (Reuters) - Prosus classifieds unit OLX Group will invest up to $400 million in Berlin-headquartered used car trading platform Frontier Car Group (FCG) and combine their operations across emerging markets.

In 2018 OLX's venture arm invested $89 million in FCG, a start-up co-founded in 2016 by 26-year-old American CEO Sujay Tyle with emerging market specialist Peter Lindholm and chief technology officer Andre Kussmann.

That helped FCG expand from four markets to 10: Argentina, Chile, Colombia, India, Indonesia, Mexico, Nigeria, Pakistan, Poland and the United States.

"They have blown all my expectations out of the water," OLX Group CEO Martin Scheepbouwer told Reuters. "So I said to Sujay, what more can we do?"

OLX will inject capital in exchange for new shares and a tender offer to buy out existing shareholders. The partners will also fold in their joint ventures in India and Poland.

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