Car Trade Tech to acquire Sobek Auto from OLX for Rs 537.43 cr

CarTrade Tech Limited (the “Company”) has entered into a share purchase agreement with M/s Sobek Auto India Private Limited (“Sobek”), and its holding company OLX India B.V. for acquisition of 100% stake of Sobek from OLX India B.V.

The acquisition of Sobek will be for a consideration of INR 537.43 crore to be paid on the completion date of the acquisition.

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. 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. Sobek achieved a turnover of INR 1,110.40 crore in FY23.