The move comes as the company begins phasing out the activities of its automotive business unit Olx Autos in several sectors after a long search for potential buyers and investors
Posted Date – 12:33 AM, Wed – 21 June 23
San Francisco: The classifieds business of online marketplace OLX Group and Prosus, the global investment group, cut about 800 jobs globally on Tuesday.
The move comes after a long search for potential buyers and investors as the company begins phasing out the activities of its automotive business unit Olx Autos in several areas, TechCrunch reported.
“Earlier this year, we made a strategic decision to exit the Olx Autos business and have since been exploring potential buyers or investors,” the company was quoted as saying.
“As a result of this process, it became clear that pursuing sales in individual countries was the best option given the enormous value that existed in the local market. This included financing operations in Chile, Latin America, as well as the Olx classifieds platform and India, Indonesia and auto trading business in Turkey,” it added.
Additionally, the Netherlands-based company, which operates in more than 30 countries around the world, recently began notifying affected employees of the layoffs, which were not limited to specific markets or sectors, the report said.
The report mentioned that Prosus’ annual report for the year ended March 31, 2022 stated that its classifieds business employed 11,375 people globally, mainly Olx.
In January, OLX Group confirmed plans to cut 15% of its workforce globally, or more than 1,500 employees, including in India, as part of a restructuring amid fears of a global meltdown and recession.
