Layoff drive: OLX Group will sack around 1,500 employees globally to cut cost
Amid the global meltdown and recession fears, online marketplace OLX Group is slashing 15 percent of its workforce, or more than 1,500 employees, globally including in India.
However, it is not clear how many Indian workers will be impacted by OLX layoffs.
The company’s auto business is likely to be the worst hit, possibly impacting engineering and operations teams in India.
The company’s spokesperson said, “We are reducing the size of our workforce across the company. Doing so is necessary to meet future ambitions.” OLX Group looks at the global layoffs as a part of the restructuring.
A company spokesperson said, “OLX is taking necessary measures to reduce its cost structure in light of changing macroeconomic conditions”.
OLX Group, which entered India in 2009, operates OLX and OLX Autos in the country. OLX Autos was formed in January 2020.
The Prosus-owned company has more than 10,000 employees globally. Prosus is controlled by South Africa-based internet giant Naspers.
DealStreet Asia reported last week that OLX Group is looking to downsize its Indonesian operations and has put the auto business up for sale.
In February 2021, OLX Group appointed former Star Sports President and CEO Gautam Thakar as Global CEO of its pre-owned car marketplace OLX Autos.
[With Inputs from IANS]
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OLX, Swiggy, Zomato, OLA, Uber…. are all unviable business models. They will keep borrowing & borrowing & collapse on some day.
These are sub-contractors / aliases for Google to collect data & update, without attracting any legal suits now or in future.