Africa’s largest media group, Naspers has invested $94 million (1.4 billion Rand) in South Africa’s Webuycars through its OLX Group, the company announced.
This development swiftly follows earlier news about the company listing its satellite television subsidiary MultiChoice.
“The combination of Webuycars’ specialized instant buying model and OLX’s proprietary online classifieds technology will strengthen the overall used car ecosystem in South Africa,” the company said.
It also stressed that this decision is a part of its continued evolution into an internet company. “The investment forms part of parent company Naspers’ undertaking to accelerate growth in classifieds, online food delivery and fintech businesses globally.”
See Also: Naspers to List Africa’s Biggest Digital TV Operator; Multichoice
Founded in 2001 by Faan and Dirk van der Walt, Webuycars operates a used car marketplace in South Africa offering a specialized car buying service to sellers.
In May this year, Naspers also invested $89 million into Berlin-based Frontier Car Group through OLX Group.
Last month, LetGo, a New York-based start-up raised a $500 million Series E from Naspers through OLX group.
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