by CarTrade Tech, a leading automotive marketplace in India, has successfully acquired OLX’s classified and auto business in India. The acquisition was completed for a total consideration of $1.1 billion.
The acquisition will give CarTrade Tech a significant boost in its market share. OLX’s classified and auto business is the second largest in India, with over 30 million monthly users. The acquisition will also give CarTrade Tech a strong presence in tier-2 and tier-3 cities, where OLX is the dominant player.
CarTrade Tech plans to integrate OLX’s classified and auto business into its own platform. This will create a one-stop shop for buyers and sellers of cars, bikes, and other vehicles in India. CarTrade Tech also plans to invest in new technologies, such as artificial intelligence and machine learning, to further improve its customer experience.
The acquisition is a major coup for CarTrade Tech. It will help the company to consolidate its position as the leading automotive marketplace in India. The acquisition will also help CarTrade Tech to reach a wider audience and to grow its business in the coming years.
Here are some of the benefits of CarTrade Tech’s acquisition of OLX’s classified and auto business in India:
- Increased market share: CarTrade Tech will become the largest automotive marketplace in India, with a market share of over 50%.
- Increased reach: CarTrade Tech will gain a strong presence in tier-2 and tier-3 cities, where OLX is the dominant player.
- Enhanced customer experience: CarTrade Tech will be able to offer a wider range of products and services to its customers, thanks to OLX’s classified and auto business.
- Increased investment in technology: CarTrade Tech will be able to invest more in new technologies, such as artificial intelligence and machine learning, to further improve its customer experience.
