Shillong, August 14: CarTrade Tech has successfully concluded its acquisition of Sobek Auto India Private Limited, the owner of OLX India’s auto sales division, for a sum of Rs 535.54 crore.
This acquisition aligns with CarTrade Tech’s strategic goals of making investments that offer synergistic advantages to its existing ventures. The deal, which involved purchasing a 100% stake in Sobek Auto India Private Limited from its holding company OLX India BV, was initiated in July of this year.
As per IANS, the amalgamation of these entities is expected to attract approximately 68 million average monthly unique visitors and boast 32 million listings on an annual basis.
Vinay Sanghi, Chairman and Founder of CarTrade Tech, expressed enthusiasm about the acquisition, noting, “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.”
Under this new arrangement, CarTrade Tech will operate using various brands, including CarWale, OLX, Olx Auto, Shriram Automall, BikeWale, CarTrade, CarTrade Exchange, and Adroit Auto.
Earlier, CarTrade Tech had communicated its purchase intention to the Bombay Stock Exchange (BSE), stating the acquisition was intended to provide synergistic advantages to its existing businesses.
It’s worth mentioning that in June, OLX Group and Prosus, the classifieds business arm of a global investment group, had announced the elimination of around 800 jobs worldwide.