New Delhi. CarTrade Tech has acquired Sobek Auto India Pvt Ltd, part of OLX India’s auto sales division, for Rs 535.54 crore. The company said that it is making this acquisition to provide benefits to the existing businesses.
CarTrade Tech said the acquisition is in furtherance of the company’s strategic objectives of making investments that will benefit existing businesses.
In July this year, CarTrade Tech entered into an agreement with Sobek Auto India Pvt Ltd and its holding company OLX India BV to acquire 100 per cent stake.
According to the company the new unit will attract around 68 million people for investment in the month. Whereas on an annual basis it will be listing with 32 million.
“OLX is one of the strongest brands in the online space and we are really excited to acquire such a strong brand and work with such a talented team,” said Vinay Sanghi, President and Founder, CarTrade Tech.
Earlier, CarTrade Tech in a filing to the Bombay Stock Exchange (BSE) had said that it is making the purchase to provide benefits to existing businesses of CarTrade Tech.
CarTrade Tech will operate under the brands CarWale, OLX, OLX Auto, Shriram Automall, BikeWale, CarTrade, CarTrade Exchange and Adroit Auto in the country.
In June, OLX Group had announced about 800 job cuts across the world.
(IANS)
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