Naspers announces R1.4bn OLX Group investment in Webuycars
By Khulekani Magubane - Sep 18th 2018, 11:34
Naspers announced that its classifieds business OLX Group would invest R1.4bn in pre-owned car purchasing service Webuycars.
The announcement by the group is another significant move towards investing in electronic commerce businesses and services.
According to the company itself, Webuycars was founded in 2001 by Faan and Dirk van der Walt and grew into a business that sells close to 3000 motor vehicles each month.
Van der Walt, who is also Webuycars’s CEO, said in a statement from Naspers that the investment underscored South Africa’s market potential in great e-commerce businesses.
“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 Van der Walt.
OLX Group CEO Martin Scheepbouwer said OLX was impressed with the team’s focus on the customer and its lean operating model.
“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,” said Scheepbouwer.
Scheepbouwer praised leadership at Webuycars for their ability to empower car dealers and bring further convenience and trust to used car buying and selling in South Africa.Fin 24
Naspers's Superbalist eyes R1bn in annual private-label sales
11/07/2019 - 09:31
Superbalist, the SA online fashion retailer owned by Naspers, expects to generate more than R1bn in annual revenue from its private-label, or in-house products, within the next three years.
#WomensMonth: Karen Nadasen, PayU SA’s CEO brings global expertise to the payments industry
07/08/2018 - 15:12
Karen Nadasen, PayU South Africa’s CEO, is regularly described as one of South Africa’s most inspiring women in tech, nominated for IT Personality of the Year 2017, and listed among 100 Most Influential Young South Africans 2017 - since taking the helm 2 years ago.
Distell’s restructuring set to take even more time
26/04/2018 - 08:28
A sluggish share price performance reflects frustration over stymied growth strategy.
Naspers on track in e-commerce lane
30/11/2017 - 09:30
Naspers said on Wednesday that it was making progress with its e-commerce business, which continues to drain cash as companies in this particular division build scale.
Stronger rand takes bite out of Brait’s dividend
13/06/2017 - 14:47
Brait cut its dividend by 42.65% to 78.15c as a stronger rand against the pound and tough retail conditions in the UK took their toll on its net asset value.