Frontier Car Group Acquisition, Valuation, Funding & Investors
Frontier Car Group was acquired by OLX Group for $700M in September 2020, a 3.5x multiple on $200M of revenue.
Frontier Car Group acquisition price
$700M
Acquired by OLX Group · Sep 2020
Frontier Car Group revenue at acquisition
$200M
Last twelve months · Sep 2020
Frontier Car Group revenue multiple at acquisition
3.5x
EV/Revenue · Sep 2020
Cumulative funding Frontier Car Group raised
$552M
across 4 funding rounds
About Frontier Car Group
Frontier Car Group is a Berlin-headquartered startup launching online used car marketplaces in emerging economies including Nigeria, Mexico, Argentina, Colombia, Chile, Pakistan, and Indonesia. It operates joint ventures with OLX in India and Poland, enhancing transaction efficiency through technology platforms, financing options, and logistics infrastructure.
Founded
2016
HQ
BerlinWebsite
Status
Acquired
Customer focus
B2C
Revenue model
Commission
Revenue
$200M (Sep 2020)
Valuation
$200M (May 2018)
Frontier Car Group Acquisition
Frontier Car Group was acquired by OLX Group for $700M on 22 September 2020.
The acquisition price implies a 3.5x revenue multiple on $200M of revenue.
Before the acquisition Frontier Car Group had raised $552M across 4 funding rounds.
Frontier Car Group is a Berlin-based online used car marketplace startup founded in 2016 that operates in high-growth emerging markets across Asia, Latin America, and the US. The company operates multiple regional brands including VendeTuAuto in Mexico, BeliMobilGue in Indonesia, CarFirst in Pakistan, Cars45 in Nigeria, and webuyanycar.com in the US, providing instant cash purchase services and connecting supply to dealer networks. OLX Group, the classifieds division of Naspers, invested approximately $400 million in Frontier Car Group in late 2019 at a $700 million post-money valuation, acquiring a controlling stake. The investment combined OLX's classifieds technology and global footprint with Frontier's instant cash services and local market expertise. Following this investment, OLX and Frontier blended operations starting in January 2020, rebranding to OLX Autos in most markets to combine Frontier's physical inspection centers with OLX's online trading platforms. By 2020, OLX Autos had become a unified operation across ten countries in Asia and the Americas, eventually consolidating under the OLX Autos brand with all previous Frontier operations folded into the unified entity.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 22 Sep 2020 | Strategic M&A | $700M | 3.5x |
Frontier Car Group Valuation
Frontier Car Group is currently valued at $200M, based on its Series C in May 2018.
The $89M round was led by Prosus, with participation from OLX Group.
Frontier Car Group's valuation has moved from $200M at its Series B in March 2018 to $200M in May 2018, across 2 priced rounds.
Frontier Car Group valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| May 2018 | Series C | $200M |
| Mar 2018 | Series B | $200M |
Frontier Car Group Funding History
Frontier Car Group has raised a total of $552M across 4 funding rounds.
Frontier Car Group's first fundraising round was a $22M Series A in May 2017. The most recent completed round was a $400M Series D in November 2019.
Frontier Car Group funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2019 | Series D | Prosus (lead); TriplePoint Capital | $400M | - | Frontier Car Group is a Berlin-based startup that develops and operates used car marketplaces targeting high-growth emerging markets across 10 countries on every continent, including Latin America, Asia, and others. The company focuses on adding trust, transparency, and services to the used car ecosystem through instant purchase models and mass supply to automotive buyers. In November 2019, OLX Group, the classifieds division of Prosus, announced an investment of up to $400 million in Frontier Car Group, structured as a mix of primary equity, secondary share sales, and existing business shares. This valued the company at a post-money $700 million, with the initial capital injection making OLX the largest shareholder but not majority owner. TriplePoint Capital is listed in the query but not mentioned in sources; prior investors included Balderton, TPG, and Naspers (which had invested $89 million in 2018 after a $58 million round). At the time, Frontier had sold about $700 million worth of cars in the past year, tripling from the prior year, with earlier traction including 50,000 cars sold to date and $200 million annualized revenues as of May 2018. The funding aimed to fuel expansion into more countries, technology improvements, and product development, including synergies with OLX platforms like VéndenosTuAuto.com and Autobastas.cl in Latin America. This positioned Frontier as a potential unicorn from Chile and a key player in digitizing automotive sales in emerging markets amid consolidation trends. By 2021, OLX took a controlling stake and shut down the standalone Frontier brand, folding operations into OLX Autos focused on Latin America and Asia, amid challenges like Covid-19 but with recovery noted. |
| May 2018 | Series C | Prosus (lead); OLX Group | $89M | $200M | Frontier Car Group (FCG), a Berlin-based startup founded in 2016, develops, launches, and operates used-car marketplaces in emerging markets including Nigeria, Mexico, Chile, Turkey, Pakistan, and Indonesia. Brands like VendeTuAuto in Mexico, BeliMobilGue in Indonesia, and CarFirst in Pakistan provide instant cash services for selling vehicles, supply to dealer networks, and financing opportunities. The company had sold 50,000 vehicles since launch and focused on digitizing automotive sales through technology and infrastructure. On May 24, 2018, OLX Group (through OLX Ventures) invested $89 million in FCG's Series C round, led by Prosus, with total equity raised reaching $150 million since inception. This followed a Series B in early May 2018 raising $41 million in equity ($58 million including $17 million debt) from Balderton Capital, TPG Growth, Fraser McCombs Capital, and AutoTech Ventures. Funds fueled expansion in Africa, Latin America, and Asia. FCG expected to transact over $250 million in vehicles in 2018 and achieved annualized gross merchandise volume near $200 million by May 2018 via purchase centers and dealer auction platforms. It projected EBITDA profitability by Q2 2019. OLX Group's investment leveraged its global footprint for further growth; later developments included OLX investing $500 million total since 2018, culminating in a merger forming OLX Autos valued at $1 billion in 2020. |
| Mar 2018 | Series B | Balderton Capital (lead); TPG (lead); Manta Ray Ventures; fm Capital; VentureSouq; EchoVC Partners; Concentric; Golden Palm Investments; Perpetual Growth; Autotech Ventures | $41M | $200M | Frontier Car Group (FCG), a Berlin-based startup founded in 2016, develops, launches, invests in, and operates used-car marketplaces in emerging markets including Africa, Latin America, and Asia, with brands like VendeTuAuto in Mexico, CarFirst in Pakistan, and BeliMobilGue in Indonesia. The company provides instant cash services for vehicle sales, dealer auctions, and financing, aiming to bring transparency and efficiency to fragmented used-car markets. By May 2018, FCG had sold 50,000 vehicles since launch and achieved annualized gross merchandise volume near $200 million USD through hundreds of purchase centers. In May 2018, FCG closed a $41 million Series B equity round led by Balderton Capital and TPG Growth, with participation from Fraser McCombs Capital (fm Capital), Autotech Ventures, and others matching the query investors, plus $17 million in debt financing, bringing total equity to around $150 million since inception after a prior $22 million round. The oversubscribed round fueled expansion in current markets and new territories like Africa and Latin America; high demand led to unsolicited Series C term sheets for ~$100 million each at pre-money valuations over $200 million USD, though not accepted. An additional $89 million Series C investment from OLX Ventures was announced shortly after on May 24, 2018. The company anticipated EBITDA profitability by Q2 2019. FCG later merged with OLX Group in 2020 to form OLX Autos after significant follow-on investments. |
| May 2017 | Series A | Balderton Capital (lead); EchoVC Partners (lead); TPG (lead) | $22M | - | Frontier Car Group (FCG), headquartered in Berlin, builds and operates tech-enabled used-car marketplaces in emerging markets including Nigeria (via Cars45), Chile, Mexico, Pakistan, and Turkey. In May 2017, FCG closed a $22 million investment round co-led by Balderton Capital, EchoVC Partners, and TPG Growth, with participation from NEA and family offices. The funding supported expansion into these markets to address unstructured used-car sales sectors by providing efficient buying, selling, pricing, and certification platforms. The round coincided with FCG injecting $5 million into its Nigerian subsidiary Cars45, which raised a related $5 million Series A from FCG and the same investors. FCG had about 200 employees at the time and aimed to scale operations rapidly. Balderton Capital noted prior investment about two years earlier and praised FCG's quick achievement of significant scale with a flexible platform for diverse markets. EchoVC highlighted FCG's rapid growth in 18 months as a pioneer in Africa's tech scene, partnering with local operators like Cars45 CEO Etop Ikpe to create trust infrastructure, jobs, and liquidity in automotive markets. |
Who has invested in Frontier Car Group?
13 investors have backed Frontier Car Group across its funding rounds, including TPG, Balderton Capital, Prosus, EchoVC Partners, VentureSouq and Autotech Ventures.
Lead investors include Prosus, Balderton Capital, TPG and EchoVC Partners.
Frontier Car Group Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 London | 2 | Lead | May 2017 | |
 Lagos | 2 | Lead | May 2017 | |
 Amsterdam | 2 | Lead | May 2018 | |
 San Francisco, CA | 2 | Lead | May 2017 | |
| London | 1 | Participant | Mar 2018 | |
| Boulder, CO | 1 | Participant | Mar 2018 | |
 Dubai | 1 | Participant | Mar 2018 | |
| Amsterdam | 1 | Participant | May 2018 | |
| London | 1 | Participant | Mar 2018 | |
| San Francisco, CA | 1 | Participant | Nov 2019 | |
 Accra | 1 | Participant | Mar 2018 | |
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Start Free TrialInvestments by Frontier Car Group
Frontier Car Group has invested in 3 companies to date.
Latest investment by Frontier Car Group was on February 11th 2019. Frontier Car Group invested in BeliMobilGue in their $10M Series A round.
Latest Investments by Frontier Car Group
| Description | BeliMobilGue is a Jakarta-based online platform facilitating instant used car sales in Indonesia. Users receive free vehicle valuations, inspections, and immediate payments via bank transfer after a three-step process. The service operates nationwide, partnering with inspection centers for safe transactions. BeliMobilGue handles paperwork and logistics to simplify selling for private owners. Launched in 2020, it processes thousands of cars annually through its app and website. | CarFirst operates as Pakistan's online car selling platform where users receive instant valuations based on vehicle make, model, and attributes, followed by inspections and firm offers upon booking appointments. The service handles vehicles with complete paperwork and up-to-date taxes, excluding major accident repairs or dealership stock. | Cars45 is a Lagos-based used car trading platform operating in Nigeria with 13 inspection centers nationwide. It delivers free online quotes, multi-point vehicle checks including engine diagnostics and road tests, and instant payment commitments within 45 minutes upon acceptance. Acquired vehicles receive digital service histories before resale to vetted buyers, streamlining the pre-owned market in West Africa. |
| HQ Country |  |  | |
| HQ City | Jakarta | Lahore | Lagos |
| Deal Date | 11 Feb 2019 | 31 May 2018 | 1 May 2017 |
| Round | Series A | Series A | Series A |
| Raised | $10M | $89M | $5M |
| Investors | Toyota Tunas | - | Balderton Capital; New Enterprise Associates; EchoVC Partners; TPG |
| Valuation | undisclosed | undisclosed | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
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Frontier Car Group Competitors
Frontier Car Group competitors include listed companies like Hemnet, DIP, Grupa Pracuj and Baltic Classifieds Group, and private ones like NoBroker and Canada Drives.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Sweden | Publicly listed | $156M | $78M | $685M | 5.2x | |
 Japan | Publicly listed | $353M | $85M | $623M | 1.5x | |
 Bangalore | Private | $65M | - | $1B | 15.4x | |
 Poland | Publicly listed | $214M | $95M | $1B | 4.4x | |
 Lithuania | Publicly listed | $102M | $79M | $1.1B | 10.9x | |
 Vancouver | Private | - | - | $437M | - |
Frontier Car Group Public Comps
Frontier Car Group is no longer listed, but its public comps include Hemnet, WeBuyCars, Ixigo, Groupon, DIP, Cars.com, Just Dial Ltd, Maoyan Entertainment, EverQuote and Hypoport.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $156M | $78M | 4.8x | 5.2x | 9.6x | 11.1x | |||
| $1.6B | $90M | 0.5x | 0.5x | 9.7x | 8.6x | |||
| $128M | $8M | 5.0x | 4.5x | 83.7x | 57.8x | |||
| $498M | ($19M) | 1.7x | 1.7x | (45.9x) | 11.4x | |||
| $353M | $85M | 1.5x | 1.5x | 6.1x | 7.4x | |||
| $723M | $157M | 1.4x | 1.4x | 6.5x | 4.8x | |||
| $127M | $66M | - | - | - | - | |||
| $691M | $124M | 0.1x | 0.1x | 0.7x | 1.0x | |||
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Common questions about Frontier Car Group
| When was Frontier Car Group founded? | Frontier Car Group was founded in 2016. |
| Where is Frontier Car Group headquartered? | Frontier Car Group is headquartered in Berlin, Germany. |
| Is Frontier Car Group publicly listed? | No, Frontier Car Group was acquired by OLX Group in September 2020. |
| Who acquired Frontier Car Group? | Frontier Car Group was acquired by OLX Group in September 2020. |
| How much was Frontier Car Group acquired for? | Frontier Car Group was acquired for $700M in September 2020, a 3.5x revenue multiple. |
| What is Frontier Car Group's valuation? | Frontier Car Group was last valued at $200M in its Series C in May 2018. |
| How much funding has Frontier Car Group raised? | Frontier Car Group has raised $552M across 4 funding rounds. |
| What was Frontier Car Group's last funding round? | Frontier Car Group's last funding round was a $400M Series D in November 2019, led by Prosus. |
| Who are Frontier Car Group's investors? | Frontier Car Group's investors include Balderton Capital, EchoVC Partners, Prosus, TPG, Manta Ray Ventures, fm Capital, VentureSouq, OLX Group, Concentric, TriplePoint Capital and 3 others. |
| Which companies are comparable to Frontier Car Group? | Companies comparable to Frontier Car Group include Hemnet, DIP, NoBroker, Grupa Pracuj, Baltic Classifieds Group and Canada Drives. |
| How many companies has Frontier Car Group invested in? | Frontier Car Group has invested in 3 companies, including BeliMobilGue, CarFirst and Cars45. |
| What was Frontier Car Group's last investment? | In February 2019, Frontier Car Group invested in BeliMobilGue's $10M Series A alongside Toyota Tunas. |
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