New Delhi, Aug 14 (IANS): CarTrade Tech has completed the acquisition of Sobek Auto India Private Limited, the company that owns OLX India's auto sales division, for Rs 535.54 crore.

CarTrade Tech said the acquisition is in furtherance of the strategic objectives of the company to undertake investments that provide synergistic benefits to its existing businesses.

In July this year, CarTrade Tech had entered into a share purchase agreement with Sobek Auto India Private Limited, and its holding company OLX India BV, for acquisition of 100 per cent stake of Sobek from OLX India BV.

With this, the new entity will attract roughly 68 million average monthly unique visitors and have 32 million listings on an annual basis, according to the company.

“OLX is one of the strongest brands in the online classified space and we are really excited to acquire such a strong brand and work with such a really talented team,” said Vinay Sanghi, Chairman and Founder, CarTrade Tech.

Earlier, in a filing with the Bombay Stock Exchange (BSE), CarTrade Tech had said it was making the purchase "to provide synergistic benefits to the existing businesses of CarTrade Tech."

CarTrade Tech will operate under the CarWale, OLX, Olx Auto, Shriram Automall, BikeWale, CarTrade, CarTrade Exchange and Adroit Auto brands in the country.

In June, OLX Group, along with Prosus, the classifieds business arm of the global investment group, announced a reduction of approximately 800 jobs worldwide.