OLX today unveiled new logo along with new features on mobile and web platforms and a new tagline as well. The company competes with Tiger Global-backed Quikr for the top spot in India’s online classifieds market that would likely be around $1.2 billion by 2020.
Naspers-backed online classifieds major OLX India has undergone a major rebranding exercise as part of its “global brand reform”, according to the company. OLX today unveiled new logo along with new features on mobile and web platforms and a new tagline as well. OLX competes with Tiger Global-backed Quikr for the top spot in India’s online classifieds market that would likely be around $1.2 billion by 2020 as per a Google and KPMG report.
Among the key features introduced include advanced filtering for car and real estate listings, inbuilt voice chat, notification bar, accessing preferred category directly, following sellers etc. OLX’s new tagline reads Set Hai, the company said in a statement.
“We have defined a proposition, a visual language, personality and tone of voice that will appeal to the modern millennials globally,” said Sushil Kumar, General Manager, OLX India.
“Set Hai symbolizes the feeling we get when we know that we have taken a smart decision in the face of any situation,” Kumar added.
Customers will be able to see poss from various locations including the ones from their nearby locations with customized newsfeeds even as it would allow users to report offensive content instantly.
OLX claimed 85 per cent market share of the online consumer-to-consumer (C2C) market in India and 77 per cent share of the pre-owned cars market share. India’s C2C e-commerce market towards the end of 2017 was pegged at around $9 billion and expected to grow 60-70 per cent annually by 2022, as per consultancy firm Zinnov.
On Sunday, Kumar had said that the company is looking to grow by 10X and increase its monthly active users from 5 crore to 10 crore this year, PTI reported.
“At OLX, our focus is not obtaining positive cash flow or profits because that limits our ambition to grow. That has been philosophy at OLX that look at opportunity and accordingly do investment. If we find growth opportunity we will continue to invest,” Kumar had said.
Unlike Quikr, OLX has already been profitable from past few years. Its revenue for FY18 reportedly surged to Rs 179 crore from Rs 92 crore in FY17 even as net profit almost doubled from Rs 8 crore in FY17 to Rs 15.6 crore in last fiscal year. On the other hand, Quikr’s revenue increased to Rs 173.49 crore last fiscal year.