NASPERS, an early investor in China’s Tencent and still its largest shareholder, is backing rent-to-buy car firm Planet42 in a $100 million debt and equity fund-raising.
The startup, that mainly operates in South Africa where Naspers is based, will use the funds for growth within the country and further expansion in Mexico, Planet42 Chief Executive Officer Eerik Oja said in an interview.
The firm, founded in 2017, provides vehicle financing mostly to people who can’t access it from banks.
Other participants in the equity and debt raise include ARS Holdings and Rivonia Road Capital.
“In South Africa, we want to put the pedal to the metal using this new financing to quickly add about 10 000 more cars to the fleet,” he said. “In Mexico we are exploring where best to find customers, and how to switch on dealerships, so it takes time to get the ball rolling, but we
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