Online marketplace OLX to slash over 1,500 jobs globally, including India

Joining the mass layoff season, online marketplace OLX Group is slashing 15% of its workforce, or more than 1,500 employees, globally including in India

OLX
online market OLX Group to slash over 1,500 jobs globally, including India. OLX logo | Wikipedia
IANS New Delhi
2 min read Last Updated : Jan 31 2023 | 11:38 AM IST

Joining the mass layoff season, online marketplace OLX Group is slashing 15 per cent of its workforce, or more than 1,500 employees, globally including in India as part of restructuring amid the global meltdown and recession fears.

According to a report in VCCircle, citing sources, it was not clear how many Indian workers will be impacted in OLX layoffs.

The company's auto business is likely to be the worst hit, possibly impacting engineering and operations teams in India.

A company spokesperson said "OLX is taking necessary measures to reduce its cost structure in light of changing macroeconomic conditions".

"We are reducing the size of our workforce across the company. Doing so is necessary to meet future ambitions," the spokesperson added.

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.

The layoffs at OLX Group were first reported by The Financial Express.

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.

--IANS

na/uk/

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :OLXunemploymentemployee productivity

First Published: Jan 31 2023 | 11:38 AM IST

Next Story