CarTrade Tech Ltd will acquire OLX India’s auto business for Rs 537 crore. The acquisition is expected to be completed in 21-30 days. OLX India’s auto business, known as Sobek Auto India Pvt Ltd, is a leading online marketplace for buying and selling used cars in India. It has over 10 million monthly active users and over 1 million listings.
The acquisition will significantly boost CarTrade’s used car business. CarTrade is already the top online marketplace for new cars in India. With the addition of OLX Autos’ India business, it will become the undisputed leader in the used car market as well.
This acquisition is a strategic move for CarTrade. OLX Autos’ India business has a strong offline presence, which complements CarTrade’s existing online presence. This integration will provide a more comprehensive and seamless buying and selling experience for used cars.
Furthermore, the acquisition reflects the growing consolidation in the Indian online classifieds market. Numerous mergers and acquisitions have taken place in recent years as companies strive to scale up and enhance their competitiveness.
The CarTrade-OLX Autos deal is significant and will likely have a major impact on the Indian online classifieds market. It will be interesting to observe how the two companies integrate their businesses and compete with other players in the market.
