OLX India, a general classified portal owned by auto marketplace CarTrade Tech, has formed a partnership with used-car marketplace Cars24 and Royal Enfield’s used-motorcycle segment ReOwn for integrated listings.

In an interview with Mint, Amit Kumar, managing director and CEO of OLX India, said that OLX was actively forming key industry partnerships to deliver superior user experiences. The partnership with ReOwn will see the latter sell certified used motorcycles to customers directly through the OLX platform.

The partnership with Cars24 integrates additional features, such as warranties for used cars listed and fulfilled by Cars24. Interestingly, Cars24 is a direct rival of OLX India’s parent company CarTrade Tech. According to Kumar, such a partnership is a first for the used-goods classified platform.

Acquired by CarTrade in August last year, OLX India has since undergone a revamp in revenue streams and strategies. Following the acquisition, OLX India disbanded its loss-making c-to-b operations. According to CarTrade’s financials for the 12 months to Mar. 31, 2024 (FY23-24), the “discontinued operations” represented INR621 million ($7.4 million U.S.) in losses.

That aside, from the date of acquisition (Aug. 12, 2023) to Mar. 31 of this year, OLX India posted revenue of INR1.1 billion and an after-tax profit of INR271 million from “continuing operations.” According to Kumar, OLX India accounted for about 30% of CarTrade’s total revenue and 35 million of its total 70 million unique visitors in the three months to Mar. 31 (Q4).

Print Friendly, PDF & Email

Related Articles