VAVACars notified raising $50mn last year to expand operations in Pakistan and Turkey
Due to the uneasy economic situation in the country, a leading car vendor VavaCars has decided to shut down Pakistan Operations.
VAVACars started its operations in 2019 in Turkey and entered Pakistan’s market from Karachi in January 2020. The company’s headquarters is in the UK but does not operate there.
“In the future, VavaCars intends to expand into new markets leveraging the fuel station networks of its founding investor, Vitol,” it had stated then.
The shut-down comes amid a rising trend of economic struggle for some companies in Pakistan with several startups and established businesses announcing either trimming down staff or shutting verticals.
As a result, several employees associated with it became jobless. But VavaCars competitor, CarFirst CEO Raja Murad Khan has shown sympathy to VAVACars Ex. Employees, also he added ‘I would like everyone to show empathy for a large number of people who have become unemployed and once again reiterate the importance of performance from each team member at CarFirst in our mission to become the leading used car platform in Pakistan’.