CarTrade Tech Limited has acquired OLX India's classified and auto transactions business from OLX India BV for Rs 535.54 crore. With the acquisition, which was announced in July, CarTrade is aimmg to be India’s largest auto classifieds and transaction platform.
The CarTrade Tech group, in collaboration with OLX, would attract roughly 68 million average monthly unique visitors and have 32 million listings on an annual basis, the Mumbai-based company said in a statement on August 13.
The combined vehicles auctioned would be approximately 1.3 million annually. In total, there would be more than 4,000 employees, with a physical presence in over 100 cities, it 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,” CarTrade Tech chairman and founder Vinay Sanghi said.
OLX India, a leading classified player in the country with over 100 million app downloads, operates across 12 categories, including cars, bikes, real estate, and electronics. The platform has nearly 35 million average monthly unique visitors, around 32 million listings a year and roughly 30,000 dealers.
In 2022, OLX Autos, through its transactions business, assisted in transacting the sale and purchase of 50,000 cars.
Also Read: CarTrade Tech soars 15% on plans to acquire OLX India's auto business
The acquisition would allow the company to offer a diversified classifieds portfolio and simplify the way used vehicle buying and selling is done, Sanghi said.
CarTrade Tech also said it was banking on the synergies in technology and consumer strength of all its brands to ease the sale and purchase of used vehicle as well as boost efficiency.
Also Read: CarTrade Tech acquires OLX’s business in India for Rs 537 crore, stock down 3%
CarTrade Tech will operate CarWale, OLX, Olx Auto, Shriram Automall, BikeWale, CarTrade, CarTrade Exchange and Adroit Auto brands in India.
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