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 U.S. +1.407.788.2780     Germany +49.89.6.214.6044 info@aimgroup.com

Brazil’s No. 1 horizontal, OLX Brazil, plans to spend BRL 250 million ($63.3 million US) on its local operations in 2019. This represents a 25 percent year-on-year increase, the company said.

The company intends to hire 120 product and technology-related professionals, who will focus on the company’s machine learning projects.

OLX Brazil, a 50 / 50 joint venture between Schibsted‘s Adevinta and Naspers, saw its net revenues reach BRL 312 million ($79.4 million US) in FY2018. That’s up 70 percent year-over-year. The AIM Group previously predicted that the horizontal would surpass the BRL 200 million ($50.9 million U.S.) net revenue mark in FY2018.

OLX Brazil’s EBITDA margin in FY2018 was 10 percent, it said.