OLX Layoffs: Online Marketplace Slashes 800 Jobs Globally As It Phases Out Automotive Business Arm OLX Autos

San Francisco, June 20: Online marketplace OLX Group and the classifieds business arm of Prosus (global investment group) on Tuesday cut around 800 jobs globally.

According to TechCrunch, the move comes as the company begins to phase out activities of its automotive business arm Olx Autos in several areas after a lengthy search for potential buyers and investors. Mojocare Layoffs: Health-Tech Firm Slashes Over 80% of Its Workforce.

“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.

Moreover, the report said that the Netherlands-based company, which operates in over 30 countries globally, recently started informing affected employees about the layoffs which are not limited to a particular market or division.

Prosus’ annual report for the year ending on March 31, 2022, said it employed 11,375 people worldwide in its classifieds business, predominantly Olx, the report mentioned. Sumo Logic Layoffs: Data Analytics Platform Lays Off 79 Employees as Job Cuts Continue in Tech Industry.

In January, OLX Group confirmed plans to slash 15 per cent of its workforce, or more than 1,500 employees, globally including in India as part of restructuring amid the global meltdown and recession fears.

(The above story first appeared on LatestLY on Jun 21, 2023 09:46 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website todaynews24.top).