Countries OLX is shutting some operations in
“Earlier this year, we made the strategic decision to exit the Olx Autos business and potential buyers or investors have been explored since then,” the company said in a statement emailed to TechCrunch. the company has shut down its operations in Argentina, Mexico and Colombia. OLX is operating in over 30 countries around the world.
In its annual report for the year ending on March 31, 2022, Prosus said its classifieds business — predominantly Olx — had 11,375 employees globally.
India operations may be largely ‘safe’ this time
The company’s operations in India appear to be largely fine so far. As the company further added that after the shutting down of auto business in certain countries “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 had entered India in the year 2009.
Cut 15% jobs globally in January
Olx Group reduced 15% of its global workforce earlier this year. These job cuts affected the company’s employees in India as well. Reports suggest that engineering and operations teams are among the worst hit in the country. The company operates Olx and Olx Autos in India and has over 20 other brands worldwide.
“OLX is taking necessary measures to reduce its cost structure in light of changing macroeconomic conditions. Regrettably, this means we are reducing the size of our workforce across the company. We are sorry to part ways with these valuable contributors, but doing so is necessary to meet our future ambitions. Ensuring that our employees are treated fairly and with dignity and respect is at the forefront of our attention at this time,” an OLX spokesperson had told Financial Express.
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