OLX announces a new deal in Asia

OLX Group announces $56 million investment in Carousell

OLX announces a new deal in Asia. Source: shutterstock.com

Naspers’ Classifieds business, OLX Group, has announced a $56 million cash and equity deal with Carousell, one of Asia’s largest and fastest-growing classifieds marketplaces. As part of the investment, which gives OLX Group a 10% stake in Carousell, the companies will merge their operations in the Philippines.

Naspers’ investment will enable us to accelerate the cementing of our leadership in Southeast Asia and our pace of innovation. We will continue deepening our expertise in technology and AI to bring greater value, trust and convenience to our users. We are grateful for the strong support from our new and existing investors, and their conviction in our capabilities, passion for the mission and product vision. With the deal in the Philippines, more value will be brought to sellers and buyers together in a vibrant marketplace that creates even more possibilities for the community
Quek Siu Rui, Co-founder and CEO of Carousell

Carousell and OLX will integrate their operations in stages over the course of the year. The merger and migration are expected to be fully completed in the second half of 2019.

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