SoftBank's Claure announces investment in Mexican startup Kavak

MEXICO CITY: Japan's SoftBank will invest in Mexican used car platform Kavak, the group's chief operating officer Marcelo Claure said on Monday, adding to SoftBank's growing portfolio in Latin America.

"We are proud to join with and invest in Kavak Mexico," Claure, who oversees SoftBank Group Corp's Latin America investments, wrote on LinkedIn."The company is truly transforming the use of mobile devices in the automotive market in Mexico."Reuters reported in August that SoftBank was in advanced talks to invest in the three-year-old startup, after announcing earlier in the year a US$5 billion fund to focus on Latin America.

SoftBank has also pumped US$1.5 billion into China's Chehaoduo Group, which owns a leading used-car site.

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