CarTrade, in collaboration with OLX, will attract roughly 68 million average monthly unique visitors and have 32 million listings on an annual basis, the company said in a statement.
CarTrade Tech said the acquisition is in furtherance of the strategic objectives of the company to undertake investments that provide benefits to its existing businesses.
According to the third edition of Consumer Research on Used Goods and Selling Trends (CRUST) Survey 2015-16, conducted by OLX and IMRB, the estimated market for used goods was about Rs 56,200 crore.
Storyboard speaks to Lakshmanan Narayan, CEO & Co-Founder, Unmetric Inc about the importance of analytics and measurement and to Amarjit Singh Batra, CEO, OLX India and Head-Asia, OLX Inc about the importance of data analysis and research.
"The journey of OLX from an unknown brand to the leader in online classifieds in India has been full of pioneering moments and milestones. "In order to become the best classifieds team in the world and to drive our next set of goals, we have strengthened our team," OLX India CEO Amarjit Singh Batra said in a statement.