CarTrade Tech clinches OLX’s classifieds and auto business for Rs 535.5cr
India’s online automotive landscape, CarTrade Tech Limited, a premier online auto platform, has fully acquired OLX’s Classifieds and Auto Transactions business. The deal, valuing a staggering INR 535.54 crores, witnesses the transfer from OLX India BV (OIBV).
OLX stands as a dominant figure in India’s classified sector, boasting an impressive 100+ million app downloads. With operations spanning 12 primary categories, including cars, bikes, real estate, and electronics, the platform reels in an average of 35 million unique monthly visitors. Last year alone, OLX Autos facilitated the sale and purchase of a commendable 50,000 cars.
This acquisition positions CarTrade Tech to sculpt the largest auto classifieds and transaction platform India has seen. A combined strength of CarTrade Tech group and OLX results in an estimated 68 million average monthly unique visitors and a hefty 32 million annual listings. The duo is projected to auction around 1.3 million vehicles every year. Furthermore, their combined workforce will exceed 4,000, marking their presence across 100+ Indian cities. The unified entity will operate under renowned brands such as CarWale, OLX, Olx Auto, Shriram Automall, BikeWale, CarTrade, CarTrade Exchange, and Adroit Auto.
Harnessing the combined technological and consumer prowess, CarTrade Tech intends to streamline and elevate the used vehicle purchasing and selling experience in India.
Vinay Sanghi, the visionary Chairman and Founder of CarTrade Tech, weighed in on the acquisition. He conveyed his enthusiasm over acquiring OLX, recognized for its potent presence in the online classified space. Sanghi expressed his vision of reshaping the way used vehicles are traded in India. With this merger, they are poised to dominate the classifieds segment, expecting a flux of approximately 68 million monthly unique visitors and an annual listing of 32 million. Sanghi firmly believes that this acquisition will propel value creation for all stakeholders involved.