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OLX Group invests ZAR 1.4 billion in South Africa’s specialised car buying service, Webuycars

OLX Group invests ZAR 1.4 billion in South Africa’s specialised car buying service, Webuycars Investment to improve customer experience and to position Webuycars for increased growth.

Naspers’ Classifieds business, OLX Group, announced today, an investment of ZAR 1.4 billion in South Africa’s specialised car buying service, Webuycars.
 
Webuycars 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. 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 combination of Webuycars’ specialised instant buying model and OLX’s proprietary online classifieds technology will strengthen the overall used car ecosystem in South Africa by providing dealerships with improved access to stock and private buyers and sellers with an enhanced user experience focused on trust, safety and convenience.
 
“We believe that the technology and services from specialised car buying services like Webuycars can help improve the experience of classifieds users across our OLX platforms. We are particularly impressed with the team’s focus on the customer and the lean operating model they have established and look forward to working together to empower car dealers and bring further convenience and trust to used car buying and selling in South Africa. 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 Martin Scheepbouwer, CEO, OLX Group.
 
“We are extremely excited about this investment from the OLX Group as it will enable us to improve the experience of our customers and fund our future growth plans,” said Faan van der Walt, CEO, Webuycars.
 
The investment forms part of parent company Naspers’ undertaking to accelerate growth in classifieds, online food delivery and fintech businesses globally.
 
 
For further information, please contact:
Ana Garcia - Global Head of Communications, OLX Group
[email protected]
+31 6 5257 3174

About OLX Group
OLX Group is a global product and tech company which operates a network of market-leading trading platforms in over 40 countries.
 
With more than 330 million monthly users worldwide, OLX Group makes it super easy for anyone to buy and sell almost anything, such as household goods, phones, cars and houses, fuelling local economies. Through consumer brands including Avito, dubizzle, letgo, OLX, and many dozen others, more than 15 million things are exchanged on its apps and platforms every single month.
 
OLX Group is part of Naspers, one of the biggest technology investors in the world. It is powered by a team of 5,000 people, operating from +30 offices across five continents. 

About Webuycars
Webuycars is a South African-based business founded in 2001. The company which was founded by executive directors Faan and Dirk van der Walt, consists of a 690 people-strong business with a network of branches and buying pods across South Africa. Webuycars operates a used car marketplace offering a specialised car buying service to sellers. 
 
For more information, please visit www.webuycars.co.za.
 
About Naspers 
Founded in 1915, Naspers is a global internet and entertainment group and one of the largest technology investors in the world. Operating in more than 120 countries and markets with long-term growth potential, Naspers builds leading companies that empower people and enrich communities. It runs some of the world’s leading platforms in internet, video entertainment, and media.
 
Naspers companies connect people to each other and the wider world, help people improve their daily lives, and entertain audiences with the best of local and global content. Every day, millions of people use the products and services of companies that Naspers has invested in, acquired or built, including Avito, Brainly, Codecademy, eMAG, ibibo, iFood, letgo, Media24, Movile, MultiChoice, OLX, PayU, Showmax, SimilarWeb, Swiggy, Twiggle, and Udemy.
 
Similarly, hundreds of millions of people have made the platforms of its associates a part of their daily lives: Tencent (www.tencent.com; SEHK 00700), Mail.ru (www.corp.mail.ru; LSE: MAIL), MakeMyTrip Limited (www.makemytrip.com; NASDAQ:MMYT) and DeliveryHero (www.deliveryhero.com; Xetra: DHER) 
 
Naspers is listed on the Johannesburg Stock Exchange (NPN.SJ) and has an ADR listing on the London Stock Exchange (LSE: NPSN).
 
For more information, please visit www.naspers.com.

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