cartrade techs shares ended trading 17 lower from its previous close at inr 48685 at the bse on monday mumbaibased used cars platform cartrade tech will acquire online marketplace olx indias auto sales business for inr 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 which houses olx indias automotive business for a cash consideration even though it is profitable the acquisition could significantly impact cartrades cash cushionas of march 31 2023 the company which had raised funds from investors such as temasek holdings and tiger global prior to its public offering in 2021 had inr 1185 crore cash and cash equivalents on its books on a standalone basis advt olx is the classified unit of dutchlisted investment firm prosus earlier this year prosus had said that it was divesting olxs automotive business globally on account of weak macroeconomic conditions and rising challenges for the segment reportedly prosus had earlier engaged in discussions with several other players in the usedcar segment including cars24 and spinny prior to closing the deal with cartrade the acquisition is in furtherance of the strategic objectives of the company to undertake investments which provide synergistic benefits to the existing businesses of the cartrade tech the company said in the stock exchange filingas per the filing sobek auto reported a turnover of inr 11104 crore for fy22 up from inr 5923 crore in fy21 as part of the acquisition of sobek sobek has entered into an intellectual property license agreement and a transitional support agreement for the use of certain brands and technology it addedin its earnings statement released last month prosus had said ecommerce consolidated trading losses or operating losses from continuing operations of usd 617 million reflected incremental investment in the groups ecommerce growth extensions as we continued to invest in highconviction growth areas market conditions deteriorated significantly for this business in the second half of the year and the group is completing an exit of olx autos advt prosus had also said last month that it was looking for buyers for olx classifieds and its usedcar listing business olx recently shut down operations in some south and central american countries while also laying off 800 peoplecartrade techs shares ended trading 17 lower from its previous close at inr 48685 at the bse on monday for the yearended march 31 2023 cartrade tech reported operating revenues of inr 36373 crore and a net profit of inr 4043 crore for fy23read alsoramp partners with hala mobility for the upkeep of large ev fleetsused car financing becomes more popular covers even tier3 cities cars24 ettech published on jul 11 2023 at 0715 am ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions