CarTrade Acquires 100% Stake In OLX's Classified And Auto Business In India For INR 535.54 Crore The platform attracts approximately 35 million average monthly unique visitors, approximately 32-plus million listings a year, and around 30,000 dealers, as per an official statement
By Teena Jose
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Online auto platform CarTrade Tech on Sunday announced the completion of 100 per cent acquisition of OLX's classified and auto business in India for INR 535.54 crore. According to an official statement, with the acquisition, CarTrade is aiming to be India's largest auto classifieds and transaction platform.
"OLX is one of the strongest brands in the online classified space and we are really excited to acquire such a strong brand and work with such a really talented team," CarTrade Tech chairman and founder Vinay Sanghi said in a statement.
The platform attracts approximately 35 million average monthly unique visitors, approximately 32-plus million listings a year, and around 30,000 dealers. Through the transactions business, OLX Autos assisted in transacting the sale and purchase of 50,000 cars last year, claimed by the company in an official statement.
CarTrade Tech will now operate under the following brands in India, CarWale, OLX, Olx Auto, Shriram Automall, BikeWale, CarTrade, CarTrade Exchange, and Adroit Auto, it said.
Furthermore, as per the statement, OLX India, a prominent classified player in the country with over 100 million app downloads, operates across 12 categories, including cars, bikes, real estate, and electronics. The platform has claimed to have nearly 35 million average monthly unique visitors, around 32 million listings a year and roughly 30,000 dealers.
