CarTrade

Mumbai-based used cars platform CarTrade Tech will acquire online marketplace OLX India's auto sales business for Rs 537 crore. In a stock exchange filing on Monday, CarTrade said that it will acquire 100% stake in Sobek Auto India Pvt Ltd, the entity which houses OLX India’s automotive business for a cash consideration. Even though it is profitable, the acquisition could significantly impact CarTrade's cash cushion. As of March 31, 2023, the company — which had raised funds from investors such as Temasek Holdings and…

One of India’s top automobile classifieds portals, CarTrade, has made a significant acquisition by finalizing a deal to acquire OLX India’s auto business. The transaction, valued at Rs 537 crore, marks an important milestone for both companies. The acquisition, announced through a stock exchange disclosure by CarTrade, involves the purchase of Sobek Auto India Private Limited (Sobek) and its parent company, OLX India B.V. This strategic move is set to bolster CarTrade’s position in the Indian automotive market and bring…