CarTrade Tech acquires Sobek Auto India in Rs 537 crore deal

July 11, 2023

, By Editorial Team

CarTrade

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CarTrade Tech Ltd. has announced its acquisition of Sobek Auto India Pvt., the entity that encompasses OLX India’s auto sales division, in a deal worth Rs 537 crore. The acquisition aims to generate synergistic benefits for CarTrade Tech’s existing businesses, as stated in an exchange filing on Monday.

CarTrade Pure Cash Deal Expected to Close in 30 Days

CarTrade Tech will acquire 100% of Sobek’s shares through a pure cash transaction. The deal is anticipated to be finalized within a span of 30 days.

OLX India’s Strategic Decision to Exit Autos Business

OLX India Pvt., which is owned by Prosus, had made the strategic decision to exit the OLX Autos business in multiple countries earlier this year. In line with this decision, OLX India sold its classifieds internet business to Sobek on June 30. OLX had also ceased operations in Argentina, Mexico, and Colombia, resulting in the global layoff of 800 employees. No response was received from CarTrade and OLX India regarding additional queries at the time of publishing.

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CarTrade Tech acquires Sobek Auto India in Rs 537 crore deal

July 11, 2023

, Published By Editorial Team

CarTrade

CarTrade Tech Ltd. has announced its acquisition of Sobek Auto India Pvt., the entity that encompasses OLX India’s auto sales division, in a deal worth Rs 537 crore. The acquisition aims to generate synergistic benefits for CarTrade Tech’s existing businesses, as stated in an exchange filing on Monday.

CarTrade Pure Cash Deal Expected to Close in 30 Days

CarTrade Tech will acquire 100% of Sobek’s shares through a pure cash transaction. The deal is anticipated to be finalized within a span of 30 days.

OLX India’s Strategic Decision to Exit Autos Business

OLX India Pvt., which is owned by Prosus, had made the strategic decision to exit the OLX Autos business in multiple countries earlier this year. In line with this decision, OLX India sold its classifieds internet business to Sobek on June 30. OLX had also ceased operations in Argentina, Mexico, and Colombia, resulting in the global layoff of 800 employees. No response was received from CarTrade and OLX India regarding additional queries at the time of publishing.

Also Read The Latest News
Personal Care Startup Clensta raised undisclosed amount from Parineeti Chopra
Comedian Sarah Silverman files copyright infringement lawsuit against OpenAI and Meta

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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Previous News

Comedian Sarah Silverman files copyright infringement lawsuit against OpenAI and Meta

Next News

Instagram’s Threads App surpasses 100 million signups in just five days

StartupNews.fyi is a leading global startup and technology media platform known for its end-to-end coverage of the startup ecosystem across India and key international markets. Launched with the vision of becoming a single gateway for founders, investors, and ecosystem enablers, StartupNews.fyi has grown steadily over the years by publishing tens of thousands of verified news stories, insights, and ecosystem updates, reaching millions of startup enthusiasts every month through its digital platforms and communities.

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