CarTrade Tech acquires OLX's classified and auto business for Rs 535.54 crore

On Sunday, the online auto marketplace CarTrade Tech announced the completion of 100 per cent acquisition of OLX's classified and auto business in India for Rs 535.54 crore. With more than 100 million app downloads, OLX is one of the top classified players in the nation. It works in 12 major categories, including cars, bikes, real estate, electronics, etc. 

According to a press release from CarTrade, the platform receives over 35 million unique visits on a monthly average, 32 million or more listings annually, and about 30,000 dealers. Last year, OLX Autos helped to complete the sale and purchase of 50,000 cars through its transactions business. "With this acquisition, CarTrade is looking to create India's largest auto classifieds and auto transaction platform," CarTrade said.

CarTrade Tech group along with OLX will get approximately 68 million average monthly unique visitors and have 32 million listings annually, the company said.  "The combined vehicles auctioned will be approximately 1.3 million annually. The total employee strength will be 4000-plus and will have a physical presence in more than 100 cities in cities," it said.

CarWale, OLX, Olx Auto, Shriram Automall, BikeWale, CarTrade, CarTrade Exchange, and Adroit Auto are the new brands under which CarTrade Tech will conduct business in India. 

Content source: Media reports