Acquisition · Commerce & Consumer Brands

CarTrade buys OLX India's auto business for ₹537 crore

By Startup Enthusiast · 11 July 2023

What they do

CarTrade is a Mumbai-based online platform for buying and selling used cars

It will acquire 100% of Sobek Auto India (OLX India's auto business) in an all-cash deal worth ₹537 crore

The seller OLX India B.V. is part of Prosus, which is selling its car businesses globally

CarTrade will buy 100% of Sobek Auto India Private Limited, which runs OLX India's auto business.
The deal is worth ₹537 crore and is an all-cash transaction.
The seller is OLX India B.V., the holding company of Sobek.
OLX India B.V. is part of Prosus, a Dutch investment company.
Prosus has been selling off OLX's car-related businesses worldwide.
Sobek has signed an Intellectual Property License Agreement and a Transitional Support Agreement to use certain brands and technology.

CarTrade had ₹1,185 crore in cash and cash equivalents on a standalone basis, giving it the funds for this deal.
The acquisition is expected to bring synergistic benefits to CarTrade's existing businesses.
This move follows Prosus's global strategy to exit the auto classifieds space.

CarTrade is a Mumbai-based online platform for buying and selling used cars.

CarTrade plans to use the acquisition for synergistic benefits to its existing businesses.

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