Mumbai-based used cars platform CarTrade Tech Ltd is set to acquire a 100% stake in Sobek Auto India Pvt Ltd, the entity that houses the online marketplace OLX India’s auto sales in an all-cash deal for Rs 537 crore; the transaction and acquisition are set to be completed within 21 – 30 days.

Sobek Auto’s turnover has gradually picked up the pace. In FY20, the company recorded a turnover of Rs 556.42 crore, which rose 6.4% to Rs 592.28 crore in FY21. In FY22, the company’s turnover jumped by 87% to 1,110.40 crore.

CarTrade announced in an exchange filing, “As part of the acquisition, Sobek has also entered into an intellectual property license agreement and a transitional support agreement for the use of certain brands and technology,”.

Last month, Prosus-owned OLX shut down its automotive business unit OLX Autos in a few regions, including Argentina and Mexico, and laid off 800 employees.

Earlier this year, OLX announced that it would lay off 15% of its workforce, which amounts to 1,500 employees globally, due to a restructuring.

At 9:16 am, shares of CarTrade Tech were trading 14.38% higher at Rs 557.50 on the National Stock Exchange.