Olx Sacks 800 Jobs Globally After Shutting Down Olx Auto In Several Regions

Olx Group, which is an online marketplace and business arm of Prosus, has cut around 800 jobs globally as the company has reportedly closed the operations of its business auto unit Olx Auto in several regions.

According to a TechCrunch report, the Amsterdam-headquartered company operating in over 30 countries, recently started telling its employees about the layoffs and job cut drive is not limited to any particular market or division.

“Earlier this year, we made the strategic decision to exit the Olx Autos business and potential buyers or investors have been explored since then, sources were quoted as saying by TechCrunch. 

The sources further said, “As a result of this process, it became clear that pursuing individual country sales was the best option, given the significant value that exists within local markets. This includes Chile, the financing business in Latin America, and both the Olx classifieds platforms and the Autos transaction businesses in India, Indonesia and Turkey.”

Olx wasn’t successful in finding potential buyers or investors in other markets, meaning that the company has shut down its operations in Argentina, Mexico and Colombia.

The Argentinian website of OLX Autos reads, “OLX Autos will cease its purchasing operations in Argentina/Colombia/Mexico. We want to express our most sincere gratitude for the trust and support you have given us throughout these years, and we deeply regret that we cannot continue to provide you with this service in the future. All existing purchase contracts will be honoured, but as of June 14, 2023, new transactions will no longer be made."

However, OLX Autos website of India is still running fine. “We are committed to supporting all impacted people throughout this transition,” the company told TechCrunch.

Earlier this year, OLX announced that they will lay off 15 per cent of their workforce globally as a part of a restructuring plan and attributed the move to poor macroeconomic conditions.