CarTrade Tech, a prominent online auto platform, has successfully completed the full acquisition of OLX’s classified and auto business in India for a sum of Rs 535.54 crore. OLX, a major player in the classifieds industry with over 100 million app downloads, operates across 12 diverse categories including cars, bikes, real estate, and electronics.
This acquisition propels CarTrade Tech’s position in the market, as it aims to establish India’s largest platform for auto classifieds and transactions. The collaboration is expected to yield approximately 68 million average monthly unique visitors and 32 million listings annually, consolidating their presence in over 100 cities and employing more than 4000 professionals.
CarTrade Tech will now operate through a range of well-established brands including CarWale, OLX, Olx Auto, Shriram Automall, BikeWale, CarTrade, CarTrade Exchange, and Adroit Auto. The Chairman and Founder of CarTrade Tech, Vinay Sanghi, expressed enthusiasm about the acquisition, highlighting OLX’s robust reputation in the online classified space. He stated that the synergistic integration of OLX Classified and OLX Auto with CarTrade Tech’s advanced technology will offer customers a diverse portfolio, simplifying the process of buying and selling used vehicles. Sanghi further emphasized that this acquisition solidifies CarTrade Tech’s position as a significant player in the classifieds sector, delivering lasting value to all stakeholders.