Update: VCCircle reports, that VC firm Nexus India Capital has made an exit on its investment in OLX.

South African media conglomerate Naspers has invested an undisclosed amount of money in Buenos Aires based general classifieds company OLX. Though the amount of funding has not been disclosed, TechCrunch claims that it’s heard from sources that the amount is in the range of $20 to $40 million. OLX had previously raised $5 million from Nexus Venture Partners in May 2009. In all, it has raised $28.5 million, from firms like Bessemer Venture Partners, General Catalyst Partners, Founders Fund and DN Capital, among others.

OLX has a presence in 85 countries, and in India, it has a site in Hindi and English. It also powers AskHT, a general classifieds portal from HT Media. It competes with other online classifieds portals in the crowded Indian market, like Quikr (funded by Norwest Venture Partners (NVP), Omidyar Network, Matrix Partners India and eBay Inc), Rediff LocalAdsSulekha, Netcore / Greynium owned Click.inClickIndia, Mid Day owned SnatchKing, among others. In March this year Quikr had raised $6 million in a Series C, third round of funding. Last August, OLX and social network hi5 inked an agreement for hi5 to implement OLX features and vice-versa.

In India, Naspers owns social networking site iBibo. Naspers also has 36% stake in mobile advertising and payments company Buzzcity.