VavaCars, which is backed by the Dutch energy and commodity trading company Vitol, has decided to close its operations in Pakistan two years after entering the market.

The announcement of the closure was made on the VavaCars website. “We regret to inform you that we have closed our operations permanently,” a message on the official website (pk.vava.cars) of the company reads.

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Company Launched in Pakistan in January 2020, VavaCars was a used car dealer with a website to book appointments for car buying and selling, as well as brick-and-mortar offices for auto inspection services. The company profited from the difference in margins earned from car purchases and sales.

VavaCars, headquartered in the United Kingdom and has operations in Turkey. Vitol, the energy groups that backs VavaCars, owns and operates retail gasoline stations in Turkey and has a stake in Pakistan-based petroleum retailer Hascol Petroleum.

Furthermore, the company had raised $50 million in October last year to expand operations in Turkey and Pakistan.