OLX Group Reduced Workforce Globally: Online marketplace OLX Group has laid off a large number of employees announcing the reduction of workforce globally. The company had talked about reducing 1500 employees in January.
New Delhi: Globally, due to the adverse effect of the market and not achieving growth as per expectations, companies are reducing the number of employees with the intention of cutting costs. In this sequence, the online marketplace OLX Group has laid off a large number of employees, announcing the reduction of workforce globally.
The classified business arm of online marketplace OLX Group and Prosus (Global Investment Group) has laid off around 800 employees globally on Tuesday. OLX Group, which does business in 30 countries including India, has registered a decline in the workforce due to the decision of retrenchment.
According to a TechCrunch report, after a long search for potential buyers and investors, the company has started phasing out the activities of its automotive business arm OLX Auto in several regions. The company said that earlier this year, we took a strategic decision to exit the OLX auto business and since then potential buyers or investors are being searched.
The report states that Netherlands-based company OLX Group has recently started informing affected employees about the layoffs. Let us tell you that in January, OLX Group confirmed to lay off 15% of its total employees globally, including India, or more than 1,500 employees, as part of workforce re-structuring amid fears of recession. Whereas, before that the company had employed 11,375 people worldwide in its classifieds business for the year ending March 31, 2022.
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