Jeremy Levine

Naspers acquires OLX

26 Aug, 2010

The South African media conglomerate buys out Bessemer and the other investors, and Levine leaves the company’s board. Details of the strategic investment aren’t disclosed but it is rumored to be around $20 million-$40 million. Nexus, the latest investor to join funding, says it made ‘multiples’ on its $5 million investment. OLX now owns, a classifieds site targeting the Hispanic market, and has a stake in Chinese free classifieds site Naspers has been targeting the Latin American market, and says it wants to:

acquire/establish a core internet community within a specific country/region and to then expand the operations by adding additional services such as e-commerce, communication, social networking, content and gaming.

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