Cash-flush Naspers has an open road for its ambitions
The internet group is sitting on a sizeable cash pile after selling its entire stake in Flipkart and cutting its stake in Tencent
Internet group Naspers will continue to scour the globe for online investments following its R1.4bn injection into used-car company Webuycars, says CEO Bob van Dijk. The investment was done by Naspers’s classifieds business, OLX Group. Naspers is sitting on a sizeable cash pile after selling its entire stake in India’s Flipkart for $2.2bn (about R33bn) and raising HK$77bn (about R146bn) by cutting its stake in Tencent. "The reason why we freed up that money was because we saw so much opportunity in our three core pillars [classifieds, online food delivery and fintech]. And we said we have more ambition than we can fund," Van Dijk said on Tuesday. "Webuycars fits exactly with what we want to do … in classifieds, we realised that people want more convenience, some people don’t want to go through the trouble of selling things themselves," he said.
Webuycars, which offers a car-buying service to sellers, would "work together" with the group’s Autotrader classifieds business, Van D...