OLX to slash workforce by 15%, fire at least 1,500 employees
Online marketplace OLX Group is slashing 15% of its workforce, or more than 1,500 employees, globally including in India as part of restructuring amid the global meltdown and recession fears, a Financial Express report said.
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The Netherlands-headquartered company has about 10,000 employees globally, according to its website.
The company, owned by Prosus, started its business in India in 2009 and operates OLX and OLX Autos. Prosus is controlled by South Africa-based internet giant Naspers.
OLX Autos, which was formed in 2020, 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.
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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.
Tech companies around the world are laying off employees. Across the sector thousands of jobs were cut to correct the over-hiring of the Covid period, and brace for, what experts call, a period of slower growth for the sector.
The layoff wave has swept not only startups and mid-sized firms, but also big tech companies such as Amazon, Microsoft, and Google parent Alphabet, among others.
So far, 219 tech companies have laid off 68,149 employees in 2023, according to tracking site Layoffs.fyi.
In India, tech companies like Dealshare, MohallaTech, Swiggy, GoMechanic, Dunzo, Ola and Cashfree have cut their workforce in 2023. Indian edtech companies including Byju’s, Vedantu, Unacademy and Frontrow have also been slashing jobs.
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