CarTrade Tech to acquire OLX India’s auto business for Rs 537 cr: Mumbai-based used cars platform CarTrade Tech Ltd will acquire online marketplace OLX India’s auto sales business for Rs 537 crore.
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CarTrade will acquire a 100% stake in Sobek Auto India Pvt Ltd, the entity that houses OLX India’s automotive business, in an all-cash deal.
The acquisition will likely to be completed in 21-30 days. The company which had raised funds from investors such as Temasek Holdings and Tiger Global prior to its public offering in 2021 had Rs 1,185 crore cash and cash equivalents on its books on a standalone basis.
Sobek is a company incorporated under the Companies Act, of 2013. It is engaged in the business of running an automotive digital platform.