The deal includes acquisition of 100% stake of Sobek Auto India, consisting of the OLX Autos transaction businesses and the OLX classifieds platform for a cash consideration of Rs 537.43 crore.
The acquisition is expected to be completed within the next few weeks, said the company.
OLX is one of India's leading classifieds players with more than 100 million app downloads. It operates in 12 broad categories including cars, bikes, real estate, electronics, etc. The platform attracts around 35 million average monthly unique visitors and approximately over 30 million listings a year. Through the transactions business, OLX Autos, assisted in transacting the sale and purchase of 50,000 cars last year.
CarTrade Tech operates an automotive digital ecosystem which connects automobile customers, Automotive Manufacturers (OEMs), dealers, banks, insurance companies and other stakeholders. The platform operates under several brands: CarWale, CarTrade, Shriram Automall, BikeWale, CarTrade Exchange and Adroit Auto. Through these platforms, the company enables new and used automobile customers, vehicle dealerships, OEMs and other businesses to buy and sell their vehicles in a simple and efficient manner.
The company reported consolidated net profit of Rs 14.96 crore in Q4 FY23 as compared with net loss of Rs 25.67 crore in Q4 FY22. Net sales increased by 2.9% year on year to Rs 95.86 crore in Q4 FY23.
Shares of CarTrade Tech slipped 3.01% to Rs 539.55 on the BSE.