CarTrade Tech Limited, one of India’s largest online auto platforms, announced the completion of 100% acquisition of OLX’s Classifieds and Auto Transactions business in India for INR 535.54 crores, from OLX India BV (OIBV).
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, approximately 32+ million listings a year, and around 30,000 dealers. Through the transactions business, OLX Autos, assisted in transacting the sale and purchase of 50,000 cars last year.
With this acquisition, CarTrade is looking to create India’s largest auto classifieds and auto transaction platform. CarTrade Tech group along with OLX will get approximately 68 million average monthly unique visitors and have 32 million listings annually. The combined vehicles auctioned will be approximately 1.3 million annually. The total employee strength will be 4000 plus and will have a physical presence in more than 100 cities in cities.
CarTrade Tech will now operate under the following brands in India, CarWale, OLX, Olx Auto, Shriram Automall, BikeWale, CarTrade, CarTrade Exchange and Adroit Auto. CarTrade Tech will leverage the synergies in technology and consumer strength between all of its brands to make used vehicle sale and purchase easier and more efficient, the statement said.
Commenting on the acquisition, Vinay Sanghi, Chairman and Founder, CarTrade Tech, said, “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. With this synergistic acquisition of OLX Classified and OLX Auto in India, built with cutting-edge technology, we can offer our customers a diversified classifieds portfolio and simplify the way used vehicle buying and selling is done. This transaction makes us a leading player in the classifieds space, with approximately 68 million average monthly unique visitors and 32 million listings annually. This acquisition will help us generate lasting value for all our stakeholders.”
