New Delhi, Jan 31 (SocialNews.XYZ) 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.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz