CarTrade Tech has inked a pact to acquire OLX's classified and auto business in India for Rs 535.54 crore. It announced that the company will take over 100 per cent of OLX's business. 

OLX, with more than 100-plus million app downloads, is the country's leading classified company. It operates in 12 categories which include cars, bikes, real estate, electronics, etc. 

"With this acquisition, CarTrade is looking to create India's leading auto classified and auto transaction platform," CarTrade said in a release informing about the development. 

It is expected that the company, after the acquisition, will get approximately 68 million average monthly users and around 32 million listings annually. The company said in a statement that over one million vehicles will be auctioned annually. The total employee strength will be 4000-plus and the company will have a physical presence in more than 100 cities after the acquisition of India's leading classifier. 

"We are really excited to acquire such a strong brand and work with such a really talented team. With this synergistic acquisition of OLX Classified and OLX Auto in India, built with cutting-edge technology, we can offer our customers a diversified classifieds portfolio and simplify the way used vehicle buying and selling is done," the company said in its statement.  

Commenting on the development CarTrade Tech chairman and founder Vinay Sanghi, "This acquisition will help us generate lasting value for all our stakeholders."