CarFirst raises ‘one of Pakistan’s biggest rounds of series A funding’

Looks to change the way used car sales sector operates

LAHORE: CarFirst raised one of Pakistan’s biggest rounds of ‘series A’ funding as it seeks to change the way the used car sales sector operates.

Launched in late 2016, CarFirst aims to provide car sellers a safe and hassle-free process to get their cars inspected and sold at a fair price within an hour in which CarFirst even processes the payment.

CarFirst uses an internally developed algorithm, market intelligence and a professionally trained team to conduct inspections and valuations.

Its online platform allows car owners to enter their car’s information for a free valuation; they can book an appointment at one of CarFirst inspection centre for a physical inspection of their car.

After the multipoint physical evaluation, which includes engine, brakes, tires and road testing, CarFirst’s team of market and technical experts guide the potential seller on the current market value of their car and make an offer to buy accordingly.

CarFirst Co-Founder and CEO Raja Murad Khan said, “Our vision is to reinvent how used cars are traded in Pakistan through technology and infrastructure creation. CarFirst is making it easier to sell cars by bringing in international best practices to Pakistan.”

The fresh funds, raised from Frontier Car Group, which builds and runs marketplaces focused on emerging markets in the auto sector, will be used to improve CarFirst’s online buying and selling platform, which is in turn backed by Balderton Capital and New Enterprise Associates, Inc. (NEA), EchoVC, and TPG Growth.

CarFirst is held by the Frontier Car Group (Delaware LLC) with 90+ employees and currently operates in Karachi, Lahore and Islamabad.

Published in The Express Tribune, June 6^th, 2017.

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