Olx Group lays off 800 employees |
Olx Group cuts 800 jobs after shutting down OLX Autos in several regions
NEWS Source:- https://techcrunch.com/2023/06/20/olx...
Olx Group, the online marketplace and classifieds business arm of Prosus, has cut around 800 jobs globally. The job cuts are a result of the decision to exit the Olx Autos business, which has led to the closure of operations in some markets. The layoffs are not limited to a specific market or division.
Olx Group has explored potential buyers and investors for Olx Autos since announcing its decision in March. However, the company couldn't find potential buyers or investors in some markets, leading to the shutdown of operations in Argentina, Mexico, and Colombia. In other markets, it remains unclear what the future holds for the company.
The job cuts come after Olx Group confirmed plans in January to reduce its global workforce by 15% (1,500 jobs). The company's decision to exit the Olx Autos business comes despite significant revenue growth, with Olx Autos reaching a milestone of $1 billion in revenue during the first half of its 2022 financial year. However, the automotive business has not yet achieved profitability.
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Company Profile:-
Founded: 2006
Industry: E-Commerce, Marketplace
Location: Amsterdam, Noord-Holland, The Netherlands
Total Funding: NA
Company Stage: NA
Founders: Alec Oxenford, Fabrice Grinda
Website: www.olxgroup.com
OLX Group is a prominent online marketplace platform that facilitates buying and selling of various products and services across multiple countries. With a strong global presence, OLX Group connects millions of users, enabling them to trade pre-owned items, such as electronics, vehicles, furniture, and more. The platform operates through user-friendly interfaces and advanced search functionalities, making it convenient for individuals and businesses to find the right buyers or sellers. OLX Group fosters a culture of sustainability by promoting the reuse and recycling of goods, contributing to a more environmentally conscious society. With a focus on user safety and trust, the platform incorporates secure payment systems and verification processes. OLX Group continues to innovate and expand, empowering users worldwide to unlock the value of their possessions and make sustainable choices.
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