NEW DELHI: Used cars platform Cartrade Tech has announced acquiring online marketplace OLX India’s auto business for Rs 537 crore. “On July 10, 2023 CarTrade Tech Limited (the “Company”) has entered into a share purchase agreement with M/s Sobek Auto India Private Limited (“Sobek”), and its holding company OLX India B.V. for acquisition of 100% stake of Sobek from OLX India B.V., subject to completion of certain conditions and on the terms and conditions agreed between the parties in the share purchase agreement,” Cartrade said in a regulatory filing.
The acquisition, as per Cartrade, is in “furtherance of the strategic objectives of the company to undertake investments which provide synergistic benefits to the existing businesses of the CarTrade Tech.”
CarTrade is looking to complete the acquisition in 21 to 30 days or as may be mutually decided between the Parties.