Mumbai-based used cars platform CarTrade Tech Ltd on Monday said it will acquire online marketplace OLX India’s auto sales business for Rs 537 crore.

In a stock exchange filing on Monday, CarTrade said that it will acquire 100% stake in Sobek Auto India Pvt Ltd, the entity that houses OLX India’s automotive business, in an all-cash deal, and the acquisition will likely to be completed in 21-30 days.

On Monday, Cartrade’s scrip on BSE closed 1.8% lower at Rs 486.3.

Sobek is a company incorporated under the Companies Act, 2013. It is engaged in the business of running an automotive digital platform and a classifieds internet business.

On June 30, 2023, Sobek has acquired the classifieds internet business from OLX India Private Limited on the terms and conditions agreed under a business transfer agreement.

Last month, Prosus-owned OLX has shut down its automotive business unit OLX Autos in a few regions, including Argentina, Mexico and has also laid off 800 employees.

Earlier this year, OLX announced that they will lay off 15 per cent of their workforce. This amounts to 1,500 employees globally in 2023 as a part of the restructuring. They attributed the move to poor macroeconomic conditions.