On July 10, CarTrade Tech said that it had signed a share purchase agreement with Sobek Auto India Private Limited and its parent firm, OLX India BV, in order to buy a 100% stake in Sobek from OLX India BV.
According to a regulatory filing made to the stock markets by CarTrade Tech, it would purchase Sobek for a price of 537.43 crore, which will be paid on the acquisition’s completion date.
According to CarTrade Tech’s filing with the stock exchange, the transaction is contingent on the fulfillment of specific requirements and is subject to the terms and circumstances set forth in the share purchase agreement by the parties. This might take as long as 21 to 30 days, or as long as the parties decide.
Sobek operates a classifieds website and a digital platform for the automobile industry. Recently, Sobek purchased the classifieds website from OLX India Private Limited through a business transfer agreement. Sobek’s revenue for the fiscal year 2021–2022 was Rs. 1,11,040 lakh.
Sobek has now signed a transitional assistance agreement and a licensing agreement for the use of specific trademarks and technologies as part of the purchase.
According to CarTrade Tech, the purchase advances the company’s strategic goals of making investments that will help its current operations in a synergistic way. On July 10, CarTrade Tech’s shares on the BSE finished 1.73 percent down at 486.85 a share.
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