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CarTrade: CarTrade announced yesterday that it will buy the automotive business of OLX India. After this announcement, a strong jump is being seen in the shares of Cartrade today. CarTrade announced the acquisition of 100 per cent stake in Sobek Auto India Limited. Sobek Auto India Limited, an entity of OLX India, has been acquired by CarTrade through an all-cash deal. The company will spend Rs 537.43 crore to buy it.
Tremendous jump in Cartrade shares
Shares of Cartrade saw a jump of more than 15 per cent after the opening of trading this morning and its shares showed levels of up to Rs 569.15 per share. At present, if we look at the share price, it is trading at Rs 556.50 per share with an increase of Rs 69.15 or 14.19 per cent. This stock has given more than 22% return to its investors in the last 3 months.
In how many days the deal will be completed
Mumbai-based used cars platform CarTrade gave this information in a stock exchange filing on Monday and said that the acquisition deal could be completed in 21-30 days. Sobek Auto India Private Limited is the principally operating arm of OLX India’s Auto Sales segment.
Sobek Auto India’s turnover increased continuously
The turnover of Sobek Auto India has been increasing continuously for the last several years. In FY 2020, the company showed a turnover of Rs 556.42 crore, which increased to Rs 592.28 crore in FY 2021. Due to this, in the next year i.e. FY 2022, a total jump of 87 percent was seen in its turnover and it has reached Rs 1,110.40 crore.
Know about CarTrade
CarTrade Tech is backed by large investors such as Warburg Pincus, Temasek, JP Morgan and March Capitals and operates as a multichannel auto platform. The service of buying and selling of both new and used cars is available on the company’s platform. Along with this, CarTrade also provides many value-added services.
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