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CarTrade Tech acquires OLX's business in India
Posted On : 2023-07-12 19:48:35( TIMEZONE : IST )
CarTrade Tech Limited, one of India's largest online auto platforms, announced the signing of an agreement to acquire the operations of OLX in India from OLX India BV (OIBV). The deal includes acquisition of 100% stake of Sobek Auto India Private Limited, consisting of the OLX Autos transaction businesses and the OLX classifieds platform for a cash consideration of INR 537.43 crores. The acquisition is expected to be completed within the next few weeks.
OLX is one of India's leading classifieds players with more than 100+ million app downloads. It operates in 12 broad categories including cars, bikes, real estate, electronics, etc. The platform attracts approximately 35 million average monthly unique visitors and approximately 30+ million listings a year. Through the transactions business, OLX Autos, assisted in transacting the sale and purchase of 50,000 cars last year.
CarTrade Tech is a multi-channel auto platform with its presence across vehicle types and value-added services. The platform gets approximately 34 million average monthly unique visitors and auctions more than 1 million listings in a year. The platform operates under several brands: CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange and Adroit Auto.
Mr. Vinay Sanghi, Chairman and Founder, CarTrade Tech, said, "In India, OLX is one of the strongest brands in the online classified space with more than 35 million average monthly unique visitors, approximately 30,000 dealers and 30+ million listings in a year. We are really excited to acquire such a strong business built by a talented team and with cutting-edge technology."
Shares of CarTrade Tech Ltd was last trading in BSE at Rs. 538.15 as compared to the previous close of Rs. 556.30. The total number of shares traded during the day was 59403 in over 4471 trades.
The stock hit an intraday high of Rs. 559.75 and intraday low of 532.95. The net turnover during the day was Rs. 32371495.00.
