OLX Group fired 800 employees worldwide

Online marketplace and classifieds business arm OLX Group has laid off around 800 employees across the globe. According to a report in TechCrunch, after looking for potential buyers and investors, the company has started winding down operations of its automotive arm, OLX Auto, in the market. This retrenchment is not limited to markets or circles. There could be further layoffs. An OLX spokesperson confirmed the job cuts and attributed it to the company’s earlier announcement in March about exiting 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 looking 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 ceased 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 helping all affected people during this transition.
There were 15% layoffs in January
OLX recently cut jobs after announcing 15% layoffs in its global workforce (1,500 jobs) in January. However, it is not confirmed whether C-level officers were affected or not. 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.