IANS | 14 Aug, 2023
CarTrade Tech has completed the acquisition of Sobek Auto India
Private Limited, the company that owns OLX India's auto sales division,
for Rs 535.54 crore.
CarTrade Tech said the acquisition is in
furtherance of the strategic objectives of the company to undertake
investments that provide synergistic benefits to its existing
businesses.
In July this year, CarTrade Tech had entered into a
share purchase agreement with Sobek Auto India Private Limited, and its
holding company OLX India BV, for acquisition of 100 per cent stake of
Sobek from OLX India BV.
With this, the new entity will attract
roughly 68 million average monthly unique visitors and have 32 million
listings on an annual basis, according to the company.
“OLX is one
of the strongest brands in the online classified space and we are
really excited to acquire such a strong brand and work with such a
really talented team,” said Vinay Sanghi, Chairman and Founder, CarTrade
Tech.
Earlier, in a filing with the Bombay Stock Exchange (BSE),
CarTrade Tech had said it was making the purchase "to provide
synergistic benefits to the existing businesses of CarTrade Tech."
CarTrade
Tech will operate under the CarWale, OLX, Olx Auto, Shriram Automall,
BikeWale, CarTrade, CarTrade Exchange and Adroit Auto brands in the
country.
In June, OLX Group, along with Prosus, the classifieds
business arm of the global investment group, announced a reduction of
approximately 800 jobs worldwide.
