CarTrade Tech to Purchase OLX India’s Auto Sales Business for Rs 537 cr

  • CarTrade Tech will acquire the entire stake in Sobek Auto India, OLX India’s auto business entity, in an all-cash deal.
  • The acquisition will be completed within 21-30 days and Sobek Auto India runs an automotive digital platform and classifieds internet business.
  • This follows Prosus-owned OLX’s decision to shut down OLX Autos in several regions, including Argentina and Mexico, and lay off 800 employees due to poor macroeconomic conditions.
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