OLX Brazil is currently the largest classifieds site in the country as they now have up to 6.3 million daily active users. This figure represents a daily reach of 5 percent in Brazil. Revenues of OLX Brazil reached BRL 99 million in 2016, which represented a growth of 120 percent compared to 2015. Well, that isn’t news.
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What is news is that a half of this classified site has now been acquired by Schibsted, which is a Norway based media giant with classified platforms in North Africa, just as they doubled their stake in OLX Brazil letting it amount to 50 percent.
“I am very happy to announce that Schibsted is increasing its exposure to one of the greatest successes in online classifieds in emerging markets, OLX Brazil. The underlying development is very strong, we are excited about the further prospects for strong growth both here and in Chile,” CEO of Schibsted Rolv Erik Ryssdal said.
The reason for this move by the company might not be far fetched as during 2016, OLX Brazil successfully introduced monetization of the professional content in both cars and real estate.
The growth momentum was strong, and in Q1 2017, the revenue growth rate accelerated further while in Chile, Yapo holds strong positions in both the cars and real estate verticals based on traffic, brand and content and is well positioned to take market shares and increase revenues going forward. So, this can basically be said to be a very good investment for Schibsted.