Olx layoffs come at a time when the company started to close operations of its automotive business unit Olx Autos in some markets
After several companies indulged in mass layoffs, Olx layoffs are here. As per updates, Olx Group layoffs have impacted around 800 jobs globally and may impact many employees of Prosus, the parent company of the online marketplace and classified business arm, Olx Group.
According to a report in TechCrunch, Olx layoffs come at a time when the company started to close operations of its automotive business unit Olx Autos in some markets. The development comes after Olx Group reportedly explored options of potential buyers and investors but failed to win any.
The report adds that Olx Group recently started informing employees of mass layoffs. While the layoffs have impacted a huge number of people, it is reportedly not limited to a particular market or division. The layoffs at Olx also stem from the company’s decision to exit Olx Autos, one that was announced in March.
“Earlier this year, we made the strategic decision to exit the Olx Autos business and potential buers 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,” TechCrunch quoted Olx Group as saying.
The official statement on mass layoffs, as per the publication, also added: “We are committed to supporting all impacted people throughout this transition.”
This round of Olx layoffs 2023 also comes just weeks after the company confirmed its plans to reduce its global workforce by 15 per cent. As per experts, the trend of mass layoffs is expected to continue in 2023 in the event of a global economic downturn.