OLX Group, an online marketplace, and Prosus, the classifieds business arm of the global investment group, announced the reduction of approximately 800 jobs worldwide.
The decision comes as OLX Group phases out the operations of its automotive business arm, Olx Autos, in multiple regions after an extensive search for potential buyers and investors.
The company stated that earlier this year, they strategically chose to exit the Olx Autos business and have since explored options for buyers and investors. Through this process, it became evident that pursuing individual country sales would be the most favorable choice, considering the significant value present within local markets.
This includes the discontinuation of operations in Chile, the financing business in Latin America, and both the Olx classifieds platforms and Autos transaction businesses in India, Indonesia, and Turkey.
Affected employees have started receiving notifications about the layoffs, which are not limited to any specific market or division.
The Netherlands-based OLX Group operates in more than 30 countries. The company employed 11,375 people globally in its classifieds business, primarily associated with Olx, according to Prosus’ annual report for the year ending on March 31, 2022.
In January, OLX Group announced plans to reduce its workforce by 15 percent, which amounted to more than 1,500 employees. These measures were part of the company’s restructuring efforts in response to the economic downturn and concerns regarding a recession.