South Africa-based media group Naspers has acquired an undisclosed stake in OLX, a US and Argentina-based online classified advertising company operating in more than 96 countries.
Naspers acquired its stake from venture capital firms and the company, media reports said with news provider Techcrunch saying the cost was between $20m and $40m. Nexus Venture Partners added $5m to OLX’s series B round in May last year. OLX had raised $28.5m in total since its launch in 2006 from VCs Nexus, Bessemer Venture Partners, DN Capital, Founders Fund and General Catalyst Partners.
Fabrice Grinda, OLX’s co-founder along with Alec Oxenford, was previously founder and chief executive of ringtone supplier Zingy sold in 2004 for $80m and Aucland sold in 2002.