OLX Group and the classifieds business arm of global investment group, Prosus, have laid off 800 employees globally. 

This comes as the company has begun to cease the operations of Olx Autos, its automotive business unit in some markets long after looking out for buyers and investors.

Also read: BYJU’S sacks 1,000 employees in another round of layoffs 

“Earlier this year, we made the strategic decision to exit the OLX Autos business and potential buyers or investors have been explored since then. As a result of this process, it became clear that pursuing individual country sales was the best option, given the significant value that exists within local markets,” the company said in a statement. 

This includes Chile, the financing business in Latin America, and both the OLX classifieds platforms and the autos transaction businesses in India, Indonesia, and Turkey. In Argentina, Mexico, and Colombia, the decision has been taken to close operations.

“The wind-down of these businesses will begin immediately. As a result, we are reducing the size of our workforce across the company. We are committed to supporting all impacted people throughout this transition,” the company added. 

Also read: Chingari lays off 20% of workforce 

In its annual report for the fiscal year ended March 31, 2022, Prosus noted that its classifieds business, primarily OLX, employed 11,375 employees globally, according to reports. 

In response to concerns about the global crisis and impending recession fears, the OLX Group announced in January that it will be restructuring and laying off 15 per cent of its workforce, or more than 1,500 employees, globally, including in India.

Related Topics
comment COMMENT NOW