Acquisitions & Mergers

Sobek Auto to be acquired by CarTrade Tech for ₹537 crore

By Admin - 18 Jan 2024 01:13 PM

CarTrade Tech, an online vehicle classifieds platform, announced on Monday that it has signed an agreement to buy Sobek Auto India for a reported ₹537 crore.

Sobek operates an online classifieds company in addition to an automotive digital platform.

CarTrade Tech announced in a regulatory filing that the business has engaged into a share purchase agreement to purchase a 100% ownership in Sobek from OLX India BV, subject to the fulfilment of certain requirements.

According to the company, the acquisition is a step towards its strategic goals of making investments that will complement CarTrade Tech's current commercial operations.

On June 30, 2023, Sobek purchased the online classifieds company from OLX India in accordance with the terms and conditions specified in the business transfer agreement.