OLX Group Announces Global Layoffs and Shutdown of OLX Autos in Some Countries
- ByStartupStory | June 22, 2023
OLX Group, the online marketplace and classifieds business arm of Prosus, announced today that it has laid off 800 employees globally and is shutting down its automotive business unit, OLX Autos, in some countries.
The layoffs affect employees across all levels and functions, and come as the company faces challenging macroeconomic conditions. OLX Autos will be shut down in Argentina, Mexico, and Colombia, where the company was unable to find buyers or investors.
“This was a difficult decision, but it was necessary to ensure the long-term health of our business,” said Pieter Klapwijk, CEO of OLX Group. “We are grateful to the employees who were affected by these layoffs, and we are committed to supporting them through this transition.”
The layoffs come just weeks after OLX Group announced plans to reduce its global workforce by 15%. The company said that the restructuring was necessary to “adapt to the changing market landscape.”
OLX Group is not the only company that has been forced to lay off employees in recent months. Other tech giants, such as Meta and Netflix, have also announced job cuts.
The layoffs in the tech industry are a sign of the broader economic challenges that are facing businesses around the world. As inflation rises and interest rates increase, companies are being forced to cut costs in order to stay afloat.
The layoffs at OLX Group are a reminder that even the most successful companies are not immune to the economic headwinds. The company will need to find new ways to grow and innovate in order to weather the storm.
In India, OLX employs 1,000 to 5,000 people. It is not clear how many of these employees have been affected by the layoffs.
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