Peach Cars secures debt funding for Kenya expansion

Peach Cars, a marketplace for used vehicles in Kenya, has obtained about Sh517 million in debt financing, equivalent to ¥600 million or US$4 million, according to TechMoran. The funding was provided by Japan Finance Corporation, or JFC, and Shoko Chukin Bank.

TechMoran reported that the new borrowing is intended to support the company as it moves to widen its presence across Kenya. The report said the financing is set to reinforce Peach Cars' balance sheet while it pushes ahead with that expansion.

The report places the fundraising a little more than a year after an earlier point in the company's development, but it does not provide further details in the material available here. Based on the information disclosed, the transaction is debt financing rather than an equity round.

Peach Cars operates in the used-car marketplace segment, and the latest financing links the Kenyan company with two Japanese lenders, JFC and Shoko Chukin Bank, in a deal focused on its Kenya operations.

Source: TechMoran.