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

Prosus is actively engaging with multiple players to explore the 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 also approached unicorn startup Spinny, another person familiar with the matter said.