Prosus in talks to sell Olx Autos business in India, other markets
- Olx said earlier this year that it would cut 1,500 jobs internationally.“Beyond Olx Autos, the core classifies business in OLX is profitable, cash flow positive, and fast-growing.
- Those investors have passed on the deal as they shift focus on conserving cash, the source said, requesting anonymity discussing private matters.
- In early 2021, the firm shut down Frontier Car Group’s Berlin office and shifted focus on Latin America and Asia markets.Olx Autos increased its revenue by 84% to $1 billion in the first half of its 2022 financial year, Prosus said in November.
- The exit of OLX Autos will lead to a significant improvement in the profitability profile of the classifies segment as a whole,” Prosus said.
- Prosus also approached unicorn startup Spinny, another person familiar with the matter said.Prosus has been scrambling for Olx Autos’ play for years.
- Cars24 counts DST Global and SoftBank among its backers.
Prosus is actively engaging with multiple players to explore sale of classified business Olxs Autos unit in several markets including India and Indonesia, according to a source familiar with the mat [+1322 chars]