Used car financing market to grow rapidly, touch ₹1,600 billion by FY28: OLX India MD & CEO Amit Kumar

livemint.com:

CarTrade Tech acquired OLX India operations last year. With the addition of OLX, CarTrade Tech’s user base has grown exponentially to more than 70 million active users, according to Amit Kumar, Managing Director and CEO of OLX India. In an email interview with LiveMint, Kumar said that out of CarTrade Tech’s 70 million active users, OLX as a platform contributes more than 35 million unique users.

Kumar also talks about the growing market for pre-owned goods in India, the expansion plans and the future of the sector. Edited excerpts from the interview: After the acquisition of OLX India operations by CarTrade Tech, we have significantly bolstered the group’s presence in the online classifieds market. With the addition of OLX, CarTrade Tech’s user base has grown exponentially to more than 70 million active users.

OLX, as a platform, contributes more than 35 million unique users. Also Read: The Thriving Global Market for Used Cars OLX is unlocking significant consumer value in categories like used cars, used bikes, real estate, used smartphones, jobs and pre-owned consumer durability through enhanced product-led solutions based on deep consumer insights. OLX contributes more than 30 per cent to the group’s overall revenue and is on a steady growth trajectory.

OLX is forging multiple partnerships to address consumer needs across all our focus categories, and our recent partnerships with leading players like Cars24 (Used Cars) and Royal Enfield (Used Bikes) have been a step in that direction. The global pre-owned industry was pegged at $160 billion in 2023 and is expected to reach $850 billion by 2034, growing at 16 per cent per annum. The growth of online classifieds like OLX is highly influenced by factors such as the shift