On Tuesday, about 800 positions were eliminated throughout the world by the online marketplace OLX organization and the listings business arm of Prosus (a worldwide investment organization).
According to TechCrunch, the decision was made as the firm prepares to phase out activities of its automotive business arm Olx Autos in multiple different locations following a protracted hunt for possible owners and investors.
Global online marketplace OLX Group cuts 800 workers.
The company was cited as stating, “Earlier this year, we made the strategic decision to exit the Olx Autos business, and since then, potential buyers or investors have been explored.”
“As a direct result of going through this procedure, it became abundantly evident that pursuing individual country sales was the most prudent course of action, given the substantial value that exists inside local markets.
This covers the Autos transaction business in India, Indonesia, and Turkey, as well as Chile and the finance business in Latin America. Additionally, this includes the Olx classifieds platforms in India, Indonesia, and Turkey.
According to the article, the corporation with its headquarters in the Netherlands, which has operations in over 30 countries across the world, has just lately begun alerting impacted employees about the layoffs, which are not restricted to a specific market or division.
According to the annual report that Prosus published for the fiscal year that ended on March 31, 2022, the company employed 11,375 employees throughout the globe in its classifieds business, the majority of whom worked for Olx.