September 18, 2018 / 6:47 AM / 9 months ago

Naspers' OLX unit to invest in Webuycars

JOHANNESBURG (Reuters) - OLX Group, a unit of South African e-commerce giant Naspers, said on Tuesday it would invest 1.4 billion rand ($94 million)in used car buying service Webuycars.

OLX, the biggest classified ads site in India and Brazil, said the combination of Webuycars’ can improve the experience of classifieds users across its OLX platforms, without providing further detail of the agreement.

“We’re very excited about South Africa’s market potential and we’re committed to investing in great e-commerce businesses like Webuycars there,” said OLX Group Chief Executive Martin Scheepbouwer.

The deal forms part of Naspers’ strategy to expand in classifieds, online food delivery and fintech, the firm said.

Naspers said on Monday it would spin off and list pay-TV unit MultiChoice.

Naspers holds a stake in Chinese technology giant Tencent worth some $155 billion, or 65 percent more than Naspers itself.

Reporting by Tanisha Heiberg; editing by Jason Neely

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