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Olx Group lays off 800 employees worldwide, shuts down some markets

Prosus's online marketplace and classifieds business arm, Olx Group has laid off approximately 800 employees worldwide and shut down its automotive division in some markets

Olx Group lays off 800 employees worldwide

Olx Group lays off 800 employees worldwide | Wikipedia

Sonika Nitin Nimje New Delhi

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Olx layoffs have arrived, following the practice of mass layoffs by several businesses. According to reports, Olx Group layoffs have affected approximately 800 jobs worldwide and may affect many Prosus employees, the classified business arm and parent company of Olx Group.

The Olx's layoffs occur at a time when the automotive business unit Olx Autos is beginning to close in some markets. The development comes after Olx Group reportedly tried different options for investors and buyers but didn't succeed.


Olx lays off: Overview

The report adds that Olx Group started informing employees recently about the massive layoffs. Although many people have been affected by the layoffs, it is not reportedly restricted to a specific division or market. The decision to exit Olx Autos, which was made public in March, is also the cause of the Olx layoffs.

The development also comes just weeks after the organisation affirmed its plans to diminish its worldwide workforce by 15 per cent. In case of a global economic downturn in 2023, experts anticipated that the trend of mass layoffs will continue.

 

Olx lays off: Officials 

“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. 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,” as per Olx Group.

The official statement on mass layoffs by the company also added: “We are committed to supporting all impacted people throughout this transition.”


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First Published: Jun 21 2023 | 2:59 PM IST

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