CarTrade Tech bets on used cars, AI and OLX growth
CarTrade Tech is broadening its growth playbook beyond its traditional classifieds business, with used-car retail, OLX monetisation and proprietary data products emerging as key levers. Citi and Nomura remain positive on the stock, with both brokerages retaining their Buy ratings and pointing to multiple avenues that could drive growth. Citi has retained a Buy rating with a target price of Rs 3,300, while Nomura has maintained its Buy call with a target of Rs 3,340. Nomura said the combination of offline used-car dealer partnerships, OLX monetisation and the ramp-up of VAYA AI could widen CarTrade Tech’s growth avenues, with the potential for revenue to at least double from FY26 levels.
The company’s used-car strategy took a major step forward with its partnership with Landmark Cars. Under the arrangement, OLX India will power the digital buying and selling journey, including discovery, lead generation and the transaction layer, while Landmark Cars will handle vehicle sourcing, inspection, refurbishment and delivery. Landmark’s inventory is expected to be integrated onto the platform, improving inventory depth and customer choice. The partnership is expected to operate through a revenue-sharing model.
In addition to retail expansion, Citi emphasized the potential of Elite Buyer, an OLX program designed for high-intent buyers seeking a more trusted and transaction-oriented buying experience. The offering targets businesses and consumers seeking a more trusted and transaction-oriented buying experience and has already seen encouraging traction. Elite Buyer has also been extended to VAYA, broadening its application across automotive and non-automotive categories. Citi noted that management had previously disclosed more than 100,000 sign-ups.
CarTrade’s AI development includes VAYA LIVE, a proprietary data-driven intelligence platform that Citi expects to launch in the next four to six weeks. The platform will provide real-time indicators on vehicle demand, enquiries, cross-shopping behaviour, lead generation and customer targeting for OEMs, dealers, banks and insurers. Citi said the key factor to watch will be adoption trends as the platform rolls out.
OLX is also expanding into non-auto commerce through escrow, payments and logistics solutions, including opportunities in categories such as consumer electronics. With used-car retail, OLX monetisation, Elite Buyer and VAYA AI/LIVE all being developed simultaneously, Nomura said CarTrade Tech has multiple growth levers and sees potential for revenue to at least double from FY26 levels.
For consumers, the transition could streamline transactions if the data tools fulfill their promise of faster, more transparent deals.
