OLX is owned by the Dutch investment firm Prosus.
According to a media report, CarTrade is set to acquire OLX India’s auto sales business for Rs 537 crore.
CarTrade Tech, in a stock exchange filing, has revealed that it plans to acquire a 100% stake in Sobek Auto India Pvt. Ltd. The acquisition is expected to be completed in 21-30 days.
The filing also mentioned that Sobek had entered into an Intellectual Property License Agreement and a Transitional Support Agreement for the use of certain brands and technology.
OLX is owned by the Dutch investment firm Prosus. Earlier this year, Prosus had stated that it was divesting OLX’s automotive business due to weak macroeconomic conditions and rising challenges in the segment. Last month, the company said that it was looking for buyers for OLX classifieds after the latter closed its offices located in South and Central America.
Keyword: CarTrade to acquire OLX India's auto sales business for Rs 537 crore