Skip to main content

Prosus in talks to sell Olx Autos business in India, other markets

Prosus is actively engaging with multiple players to explore sale of classified business Olx’s Autos unit in several markets including India and Indonesia, according to a source familiar with the matter.

In a statement, the technology investor said pursuit of a global growth strategy for Olx’s automotive business “is no longer the right approach for our shareholders” and that it was exploring “all options for the Olx Autos business.” The firm blamed the ongoing macroeconomic and market challenges for the move.

In India, Prosus has held talks with some of unicorn startup Cars24’s investors to explore the sale of the Autos’ 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.

Prosus has been scrambling for Olx Autos’ play for years. In early 2021, the firm shut down Frontier Car Group’s Berlin office and shifted focus on Latin America and Asia markets.

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.

“Beyond 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,” Prosus said.

Prosus in talks to sell Olx Autos business in India, other markets by Manish Singh originally published on TechCrunch



from TechCrunch https://ift.tt/4nlQXBm
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

The Silent Revolution of On-Device AI: Why the Cloud Is No Longer King

Introduction For years, artificial intelligence has meant one thing: the cloud. Whether you’re asking ChatGPT a question, editing a photo with AI tools, or getting recommendations on Netflix — those decisions happen on distant servers, not your device. But that’s changing. Thanks to major advances in silicon, model compression, and memory architecture, AI is quietly migrating from giant data centres to the palm of your hand. Your phone, your laptop, your smartwatch — all are becoming AI engines in their own right. It’s a shift that redefines not just how AI works, but who controls it, how private it is, and what it can do for you. This article explores the rise of on-device AI — how it works, why it matters, and why the cloud’s days as the centre of the AI universe might be numbered. What Is On-Device AI? On-device AI refers to machine learning models that run locally on your smartphone, tablet, laptop, or edge device — without needing constant access to the cloud. In practi...
1 comment
Read more

Apple’s AI Push: Everything We Know About Apple Intelligence So Far

Apple’s WWDC 2025 confirmed what many suspected: Apple is finally making a serious leap into artificial intelligence. Dubbed “Apple Intelligence,” the suite of AI-powered tools, enhancements, and integrations marks the company’s biggest software evolution in a decade. But unlike competitors racing to plug AI into everything, Apple is taking a slower, more deliberate approach — one rooted in privacy, on-device processing, and ecosystem synergy. If you’re wondering what Apple Intelligence actually is, how it works, and what it means for your iPhone, iPad, or Mac, you’re in the right place. This article breaks it all down.   What Is Apple Intelligence? Let’s get the terminology clear first. Apple Intelligence isn’t a product — it’s a platform. It’s not just a chatbot. It’s a system-wide integration of generative AI, machine learning, and personal context awareness, embedded across Apple’s OS platforms. Think of it as a foundational AI layer stitched into iOS 18, iPadOS 18, and m...
Post a Comment
Read more

Max Q: Anomalous

Hello and welcome back to Max Q! Last week wasn’t the most successful for spaceflight missions. We’ll get into that a bit more below. In this issue: First up, a botched launch from Virgin Orbit… …followed by one from ABL Space Systems News from Rocket Lab, World View and more Virgin Orbit’s botched launch highlights shaky financial future After Virgin Orbit’s launch failure last Monday, during which the mission experienced an  “anomaly” that prevented the rocket from reaching orbit, I went back over the company’s financials — and things aren’t looking good. For Virgin Orbit, this year has likely been completely turned on its head. The company was aiming for three launches this year, but everything will remain grounded until the cause of the anomaly has been identified and resolved. It’s unclear how long that will take, but likely at least three months. Add this delay to Virgin’s dwindling cash reserves and you have a foundation that’s suddenly much shakier than before. ...
Post a Comment
Read more