CarTrade Tech’s wholly owned subsidiary -- Sobek Auto India (Sobek or OLX) is all set to shut down their own C2B operations of Auto transaction business (C2B Business) considering the challenges faced with its units economics. Sobek will continue to grow its Classified business (Olx.in - which includes both auto and non-auto verticals).
The Board of Directors of Sobek at their meeting held on October 25, 2023 have decided to shut down their own C2B operations and reduce human resource and other administrative cost of the said business and explore partnerships with other players for the same.
The Classified business (Olx.in - which includes both auto and non-auto verticals) of Sobek demonstrates profitability and substantial potential for future growth. Sobek has thus made the strategic decision to concentrate its energies and resources on the classified business, recognizing its immense potential for sustained growth and value creation.
The company is a multi-channel auto platform provider company. The company operates various brands such as CarWale, CarTrade, Shriram Automall, BikeWale, CarTradeExchange, Adroit Auto, and AutoBiz.
