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Naspers makes strategic investment in classifieds website OLX.com

South African media conglomerate Naspers has made a strategic investment in US-based classifieds website OLX.com, which currently operates in 90 countries and 40 languages including Hindi. While the deal size has not been disclosed, TechCrunch reports the investment to be in the range of $20-40 million.

South African media conglomerate Naspers has made a strategic investment in US-based classifieds website OLX.com, which currently operates in 90 countries and 40 languages including Hindi. While the deal size has not been disclosed, TechCrunch reports the investment to be in the range of $20-40 million.

Naspers also bought out the shares of all of OLX’s previous investors, which include Nexus Venture Partners, The Founders Fund, DN Capital, General Catalyst Partners and Bessemer Venture Partners. Prior to this round of funding, OLX had raised nearly $30 million.

According to a joint statement made by OLX and Naspers, the South African firm’s long-term, general strategy “is 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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