Tuesday, July 11, 2023

sales company for $537 crore, with Bitcoin expected to triple in value to $120,000 by the end of 2024

 NEW DELHI: CarTrade Tech announced in a stock exchange filing on Monday that it would acquire OLX India's auto sales business for Rs 537 crore.

The entity that houses OLX India's auto sales segment, Sobek Auto India, will be acquired by the business. The obtaining is in promotion of the essential goals of the organization to embrace ventures, which give synergistic advantages to the current organizations of CarTrade Tech," the firm said. Earlier this year, Dutch investment firm Prosus-owned OLX made the strategic decision to exit the OLX automobile business. Since then, potential buyers and investors have been investigated.

In FY22, Sobek Auto reported a turnover of Rs 592 and Rs 1,110 crore. 3 crore in FY21, the filing states. As a component of the procurement ofSobek, Sobek has gone into a protected innovation permit understanding and a momentary help understanding for the utilization of specific brands and innovation," the recording said.

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