OLX Group invests 1.4 billion rand in Webuycars deal

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OLX Group, Naspers’ online classified business, said it will invest 1.4 billion rand in Webuycars- a South African vehicle purchasing service. In a statement sent be e-mail, OLX said combining Webuycars instant buying model with OLX’s online classified technology will provide dealerships with improved access to stock and private buyers and sellers with an enhanced user experience.

Through its early stage investment arm, OLX invested $89 million in the online car marketplace Frontier Group.

Bob Van Dijk, Naspers CEO acknowledged the group will continue to invest in South African businesses, which include Takealot, Mr D Food, PayU and AutoTrader. He said “in the last year, we invested 3.3 billion rand in the e-commerce businesses in South Africa alone. We expect to continue to invest and we’re looking at interesting prospects”.

Naspers, which is Africa’s most valuable public company owns a 31 percent stake in Chinese internet giant Tencent. The company said it planned to offload its pay TV business Multichoice, by listing it on the Johannesburg Stock Exchange. Napers will hand its stake in the DSTV operator to shareholders.

 

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