CarTrade Tech Puchases OLX India's Auto Unit fot Rs.534 Crore
CarTrade Tech Limited has paid Rs 535.54 crore to OLX India BV for the classified and auto transactions business. CarTrade's acquisition, announced in July, aims to make it India's largest auto classifieds and transaction platform.
The CarTrade Tech group, in collaboration with OLX, would attract approximately 68 million average monthly unique visitors and have 32 million listings on an annual basis, according to a statement issued on August 13 by the Mumbai-based company.
Annually, approximately 1.3 million vehicles would be auctioned. It said there would be over 4,000 employees in total, with a physical presence in over 100 cities.
"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 talented team," said Vinay Sanghi, chairman and founder of CarTrade Tech.
OLX India, the country's leading classifieds platform with over 100 million app downloads, operates in 12 categories, including cars, bikes, real estate, and electronics. The platform has nearly 35 million unique monthly visitors, approximately 32 million listings per year, and approximately 30,000 dealers.