Prosus-owned OLX invests $400 million in FCG's used car business

OLX Group (OLX), the classified business of South African investor Prosus (earlier called Naspers), is investing $400 million to become the largest shareholder in online car marketplace Frontier Car Group (FCG).

In India, OLX and FCG have a joint venture that operates OLX CashMyCar stores across almost 17 cities. It competes with other used car players like Maruti's True Value, M&M First Choice, and Cars24.

The $400 million investment comprises a primary injection of capital in FCG, the contribution of OLX' joint-venture shares in India and Poland, as well as the acquisition of shares held by early investors subject to