OLX invests R1.4 billion in Webuycars
Summary
Naspers’ classifieds business, the OLX Group, has announced an investment of R1.4 billion in South Africa’s specialised car buying service Webuycars. The hands-on entrepreneurs have built the business into a large and successful player in the used car buying space, with operations across South Africa. The combination of Webuycars’ specialised instant buying model and OLX’s proprietary online classifieds technology will strengthen the overall used car ecosystem in South Africa by providing dealerships with improved access to stock and private buyers and sellers with an enhanced user experience focused on trust, safety and convenience, the company said in a statement. “We are particularly impressed with the team’s focus on the customer and the lean operating model they have established and look forward to working together to empower car dealers and bring further convenience and trust to used car buying and selling in South Africa. “We’re very excited about South Africa’s market potential and we’re committed to investing in great e-commerce businesses like Webuycars there.” Naspers added that the investment forms part of parent company Naspers’ undertaking to accelerate growth in classifieds, online food delivery and fintech businesses globally.