OLX Group lays off 800 employees Globally In Restructuring Move

Online marketplace OLX Group has recently made a tough decision to lay off approximately 800 employees globally as part of its restructuring efforts. The move comes as the company aims to streamline its operations and focus on key growth areas, IANS reported.

TechCrunch reports that the decision was made as the company started to phase out Olx Autos' operations in many cities after a protracted search for investors and purchasers.

"Earlier this year, we made the strategic decision to exit the Olx Autos business and potential buyers or investors have been explored since then," the company was quoted as saying.

"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," it added.

The company, which has offices in more than 30 countries worldwide and is based in the Netherlands, is also believed to have lately begun alerting its impacted employees about the layoffs, which are not specific to any one region or division.

Prosus' annual report for the fiscal year ended March 31, 2022, stated that it employed 11,375 employees globally in its classifieds division, mostly Olx.

In response to concerns about the global crisis and impending recession, the OLX Group said in January that it will be reorganising and lay off 15% of its personnel, or more than 1,500 people, worldwide, including in India.