Naspers has announced that OLX Group has invested R1.4 billion in We Buy Cars.
“We Buy Cars operates a used car marketplace in South Africa offering a specialised car buying service to sellers and was founded 17 years ago by Faan and Dirk van der Walt,” said Naspers.
“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 company stated that the combination of the We Buy Cars business model and OLX’s proprietary online classifieds technology will “strengthen the overall used car ecosystem in South Africa”.
Martin Scheepbouwer, CEO at OLX Group, said they are excited about South Africa’s market potential and committed to investing in great ecommerce businesses.
“The investment forms part of parent company Naspers’ undertaking to accelerate growth in classifieds, online food delivery, and fintech businesses globally,” said Naspers.