As part of a restructuring effort amidst the global economic slowdown, OLX Group is reducing its workforce by 15%, affecting over 1,500 employees globally, including in India, as part of the current wave of mass layoffs.
The exact number of workers in India who will be affected by the OLX layoffs is not yet clear, according to sources cited in a report by VCCircle.
The impact of the layoffs is expected to be most severe in the company’s auto business, which could result in job losses for engineering and operations teams based in India.
According to a company spokesperson, OLX is implementing cost-saving measures in response to the evolving macroeconomic conditions.
The spokesperson further stated that reducing the size of the workforce is essential to achieving future goals and ambitions of the company.
The spokesperson further stated that reducing the size of the workforce is essential to achieving future goals and ambitions of the company.
OLX Group established its presence in India in 2009 and operates under the names OLX and OLX Autos in the country. The latter was established in January 2020.
OLX Group, owned by Prosus, has a global workforce of over 10,000 employees. Prosus is a subsidiary of Naspers, a South African internet conglomerate. The news of the layoffs at OLX Group was first reported by The Financial Express.
DealStreet Asia reported recently that OLX Group is considering downsizing its operations in Indonesia and is actively seeking a buyer for its auto business. In February 2021, Gautam Thakar, former President and CEO of Star Sports, was appointed as the Global CEO of OLX Autos, the company’s pre-owned car marketplace.
