CarTrade Tech, the online auto platform has announced that it will acquire Sobek Auto India for Rs 537 crore. Sobek is into running an automotive digital platform and a classifieds internet business.
CarTrade has inked a share purchase agreement and will take over 100% stake of Sobek from OLX India BV subject to completion of certain conditions, CarTrade Tech said in a regulatory filing.
According to the filing, the amount will be paid on the completion date of the acquisition.
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, it said.
On June 30, 2023, Sobek had acquired the classifieds internet business from OLX India on the terms and conditions agreed under a business transfer agreement.
