LayoffImage Credit source: File Photo
Online marketplace and classifieds business arm OLX Group has laid off around 800 employees worldwide. According to a report in TechCrunch, after searching for potential buyers and investors, the company has started winding down operations of its automotive unit, OLX Auto, in the market. This retrenchment is not limited to markets or divisions. Further pruning can be done.
An OLX spokesperson confirmed the job cuts, attributing them to the company’s earlier announcement in March regarding its exit from OLX Autos. Olx Group operates in more than 30 countries globally and is headquartered in Amsterdam.
OLX Group says it decided to exit the OLX auto business earlier this year and has since been scouting for potential buyers or investors. This process made it clear that pursuing individual country sales was the best option given the significant value that existed in the local market. This includes both the financing business in Chile, Latin America and the OLX classifieds platform, and the auto transaction business in India, Indonesia and Turkey.
OLX Group has closed operations in Argentina, Mexico and Colombia due to lack of potential buyers or investors. There is uncertainty about its future plans in other markets. The company said that we are committed to supporting all affected people during this transition.
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There was 15% retrenchment in January
OLX recently cut jobs after announcing 15% layoffs in its global workforce (1,500 jobs) in January. However, there is no confirmation whether any C-level officers were affected. In its annual report for the year ending March 31, 2022, Process said it had 11,375 employees globally, mainly in OLX. The new job cuts come just months after OLX confirmed plans to cut 15% of its global workforce in January.
