PNN
Mumbai (Maharashtra) [India], May 14: OLX, India's leading online classifieds platform, has announced its strategic move to focus on its classified business post its acquisition by Cartrade Tech (NSE: CARTRADE).
This strategic pivot reflects OLX's commitment to offering over 35 million monthly active unique (MAU) users a seamless experience of buying and selling pre-owned goods, enhancing their lives every single day.
Beyond buying and selling, these transactions also help build meaningful connections and positive outcomes. The OLX platform provides consumers and businesses with access to the widest array of used goods in India, enabling them to buy their most preferred brands without any budgetary constraints, turning aspirations into reality.
OLX aims to redefine the online classified landscape with its multi-category platform for its users, thereby enhancing user experiences with quality products that foster trust within the community by continuously educating them about online safety.
Focus Categories
OLX continues to have a strong presence across various segments within the online classified landscape, with one of the largest dealer networks and listings spanning 12 broad categories. Going forward, OLX is expanding its focus to encompass a wider range of categories, including real estate, jobs, consumer durables, and smartphones, in addition to its existing pre-owned car and bike category. These five categories collectively contribute to more than 80% of OLX's listings, of over 3 million each month. This strategic move aligns with OLX's commitment to meet the evolving needs of consumers.
Furthermore, the recent acquisition of OLX by the CarTrade Group has significantly enhanced the company's reach, with over 70 million unique consumers being served on a monthly basis across the group companies. This positions OLX as one of the largest consumer-facing businesses in India, further solidifying its market presence.
Key Industry Partnerships
OLX is actively forming partnerships with industry leaders across key categories to enhance its platform and deliver an unparalleled user experience. As the enabler, OLX aims to provide access to relevant business partners that include original equipment manufacturers (OEMs) and other service providers e.g. financial institutions, to its extensive user base of more than 35 million to expand market reach and offer its consumers a wide range of products and services.
OLX recently announced two such partnerships, one with Cars24 and the other with Royal Enfield. The partnership with Cars24 harnesses the synergies between the platforms, offering users an expanded array of options with enhanced features, including warranties on its used cars, an industry first for purchasing and selling pre-owned cars on a used-goods platform.
The collaboration with Royal Enfield introduces 'Reown,' their initiative for a company-operated pre-owned motorcycle business. This initiative facilitates seamless access to potential consumers to buy certified pre-owned Royal Enfield motorcycles directly through the OLX platform.
"We are excited about this strategic move and the unprecedented growth achieved through our integration with the CarTrade Group, further solidifying our commitment to serving consumers. It aligns with our vision to be at the forefront of the online classifieds space, offering users not only a reliable platform for automotive transactions but also a versatile marketplace for diverse needs. Our focus on real estate, bikes, jobs, consumer durables, and smartphones is set to solidify OLX's leadership position and deliver great value to our users.", said Amit Kumar, Managing Director & CEO OLX India.
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