’s auto sales business in a Rs 537-crore deal, the Mumbai-based company said in a stock exchange filing on Monday.
The company will acquire a 100% stake in
Sobek Auto India
, the entity, which houses OLX India’s auto sales segment. “The acquisition is in furtherance of the strategic objectives of the company to undertake investments, which provide synergistic benefits to the existing businesses of CarTrade Tech,” the firm said. Netherlands-based investment firm Prosus-owned OLX had earlier this year made the strategic decision to exit the OLX auto business and potentialbuyers and investors have been explored since then.
Sobek Auto reported a turnover of Rs 1,110 crore in FY22 and Rs 592. 3 crore in FY21, according to the filing. “As part of the acquisition ofSobek, Sobek has entered into an intellectual property licence agreement and a transitional support agreement for the use of certain brands and technology,” the filing said.