CarTrade Tech Ltd. has announced its acquisition of Sobek Auto India Pvt., the company that houses OLX India's auto sales division, in a deal worth Rs 537 crore.
CarTrade will be buying 100% of Sobek's shares and is making the purchase "to provide synergistic benefits to the existing businesses of CarTrade Tech", it said in an exchange filing on Monday.
The transaction will be a pure cash deal, and the acquisition is likely to be completed within 30 days.
According to the exchange filing, OLX India Pvt. also sold its classifieds internet business to Sobek on June 30.
The Prosus-owned OLX made the "strategic decision" in March this year to exit the OLX Autos business in several countries.
In June, the company said it was exploring buyers for its OLX classifieds platforms and auto transaction businesses in India. It had also ceased operations in Argentina, Mexico, and Colombia, resulting in the global layoff of 800 employees.
Additional queries sent to CarTrade and OLX India did not elicit a response at the time of publishing.
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