Online classifieds platform OLX is looking to reportedly double its sales team in 2019.
The company has seen fast growth in its real estate listings in terms of average ticket sizes and expects to expand listings to 25 cities in India.
Sunny Kataria, VP, real estate category, OLX India reportedly said, “we are focused on transforming the way consumers and sellers buy and sell real estate online. We will scale our presence across residential and commercial properties listed on OLX in 2019.”
According to an ET report the new sales team will be responsible for onboarding builders, professional sellers, tenants and engaging with the local real estate communities with a focus on premium developers. The team will also assist the sellers in understanding the challenges faced by them and train them on the tools available on the platform to increase visibility with buyers.
The online marketplace has seen a tenfold increase in average ticket size of real estate projects listed on the platform from INR 20 Lakh ($20.8K) to INR 2 Cr ($208.08K).OLX has also doubled revenue from business listers on the platform, particularly from premium developers who list projects upwards of INR 1 Cr ($104.04K). Business listers on OLX doubled spends in 2018 over 2017.
After more than a decade of presence in India, OLX has nearly 40 Mn monthly active users in India, the platform currently runs an online medium for buying and selling of pre-owned cars, real estate, consumer products and services.
OLX’s New Ventures
Apart from its push to expand its real estate operations, OLX recently acquired Mumbai-based online recruitment marketplace Aasaanjobs for an undisclosed amount. The company will utilise the acquired assets to strengthen its jobs vertical in the blue and grey collar jobs market and to further solidify its position in the Indian jobs classified market.
Apart from jobs, another segment OLX is aggressively focusing on is used car segment. In November 2018, OLX joined hands with Germany-based Frontier Car Group (FCG) to launch its offline used car selling stores called ‘Cash My Car’. The company claims to have an overall market share of 77% in the Indian used cars segment.
Earlier in March, the company posted a three-fold increase in revenues from the pre-owned cars category during FY 2017-18, which it accredited to an active base of business sellers, the launch of customised solutions as well as a local sales support
The company has had a successful year in 2018 as it posted 93.6% increase in total income for the year with $24.45 Mn (INR 179.26 Cr).
Here’s a quick update on OLX’s financials for FY18:
- OLX posted a total expenditure of $21.17 Mn (INR 155.2 Cr), a 93.3% increase from $10.94Mn (INR 80.25 Cr) in the previous year
- The company posted Profit Before Tax $3.28 Mn (INR 24 Cr), a 95% jump from $1.67 Mn (INR 12.29 Cr) in FY17
- The Profit After Tax for FY18 was $2.12 Mn (INR 15.60 Cr)
- The company significantly invested in its employees as it increased Employee Benefits Expenses by 108% reaching $14.24 Mn (INR 104.42 Cr)