ⓘ A file-photo of Saygin Yalcin, CEO of SellAnycar; Credits: TheNational.ae
The UAE-based SellAnyCar.com yesterday raised $35 million from Sanabil Investments (a subsidiary of Public Investment Fund, KSA), Gulf Investment Corporation (GIC), and Olayan Financing Company.
The US-based Evercore, an advisory firm acted as a financial advisor for SellAnyCar for the latest funding deal.
The company is aiming to utilise the fresh funds to accelerate growth across GCC, expand to Saudi Arabia, hire over 300 Saudi nationals and open 100 branches in Saudi Arabia.
Commenting on the investment round, Saygin Yalcin, CEO of SellAnycar said…
“This is a reassuring and highly positive signal for start-ups throughout the GCC and wider Middle East and an example of regional investment supporting homegrown entrepreneurs. Our growing team here in the UAE is very much looking forward to seeing the positive impacts of the investment to support our ambitious growth strategy.”
“We are focusing on Saudi Arabia in 2020 and will look to build upon the success we have achieved in the UAE. As the market leader in the Emirates, where every third car is registered with our online platform, we enter the Saudi market with expertise, knowledge and a passion to make a positive impact on the way people in Saudi Arabia buy and sell cars.”
Middle East’s first online car sell-purchase platform, launched in UAE in 2013 as a modern avenue for people to sell their vehicles in the country. The company leverages an informative system that enables sellers and buyers to connect quickly and assimilate the vehicles without physically seeing the vehicle and make the purchase decision.
The company claims to have a gross merchandise volume (GMV) of AED1 billion ($272 million) in 2019 that allows its customers to get an estimate of the valuation of cars. And after getting the valuation, the seller can pick an appointment at any nearest SellAnyCar branch.