\n<\/p>\n
Prosus is actively engaging with multiple players to explore sale of classified business Olx\u2019s Autos unit in several markets including India and Indonesia, according to a source familiar with the matter.<\/p>\n
In a statement, the technology investor said pursuit of a global growth strategy for Olx\u2019s automotive business \u201cis no longer the right approach for our shareholders\u201d and that it was exploring \u201call options for the Olx Autos business.\u201d The firm blamed the ongoing macroeconomic and market challenges for the move.<\/p>\n
In India, Prosus has held talks with some of unicorn startup Cars24\u2019s investors to explore the sale of the Autos\u2019 local unit, according to the source. Cars24 counts DST Global and SoftBank among its backers. Those investors have passed on the deal as they shift focus on conserving cash, the source said, requesting anonymity discussing private matters.<\/p>\n
Prosus has been scrambling for Olx Autos\u2019 play for years. In early 2021, the firm shut down Frontier Car Group\u2019s Berlin office<\/a> and shifted focus on Latin America and Asia markets.<\/p>\n Olx Autos increased its revenue by 84% to $1 billion in the first half of its 2022 financial year, Prosus said in November. But Autos is not profitable. Olx said earlier this year that it would cut 1,500 jobs internationally.<\/p>\n \u201cBeyond Olx Autos, the core classifies business in OLX is profitable, cash flow positive, and fast-growing. The exit of OLX Autos will lead to a significant improvement in the profitability profile of the classifies segment as a whole,\u201d Prosus said.<\/p>\n<\/p><\/div>\n