OLX Group, the Amsterdam-based online marketplace, has laid off around 800 employees globally as it shuts down its auto sales division in some regions.
The layoffs stem from the "strategic decision" to exit the OLX Autos business earlier this year, the Prosus-owned company said in a statement to BQ Prime.
"As a result of this process, 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 auto transaction businesses in India, Indonesia, and Turkey."
It will exit Argentina, Mexico, and Colombia, where they were not able to find buyers, the company said.
"The wind-down of these businesses will begin immediately. As a result, we are reducing the size of our workforce across the company. We are committed to supporting all impacted people throughout this transition."
On the OLX Autos website for Argentina, Colombia, and Mexico, the company has put out notices saying it will cease its purchasing operations.
"We deeply regret that we cannot continue to provide you with this service in the future. All existing purchase contracts will be honoured, but as of June 14, 2023, new transactions will no longer be made. We will continue to offer the sale of our current stock of vehicles," the notice said.
News outlet Techcrunch first reported the layoffs.
Earlier this year, OLX cut around 1,500 jobs globally. It remains unclear whether the current round of layoffs will impact Indian workers.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
