Olx Group, the online marketplace and classifieds business under Prosus, has announced a reduction in its workforce by approximately 800 jobs globally. After exploring potential buyers and investors, the company has shut down its automotive unit, Olx Autos, in specific markets.
The layoffs are not limited to a specific market or division, and affected employees are informed about the decision. Olx Group operates in over 30 countries worldwide and is headquartered in Amsterdam.
The company confirmed the job cuts, citing its previous announcement in March about exiting Olx Autos. Olx Group stated that pursuing individual country sales was the best option based on the value within local markets. This includes Chile, the financing business in Latin America, and the Olx classifieds platforms and Autos transaction businesses in India, Indonesia, and Turkey.
Olx Group has already closed operations in Argentina, Mexico, and Colombia due to a lack of potential buyers or investors, and it remains to be seen what the future holds for other markets.
The company expressed its commitment to supporting all impacted individuals during this transition. However, there has yet to be a confirmation regarding the impact on C-level officers or the current headcount.
These recent job cuts come after Olx Group announced a 15% reduction in its global workforce (1,500 jobs) in January. Annual report for the year ending on March 31, 2022, Olx had 11,375 employees globally.