Olx Group, the classifieds unit of Naspers-owned internet group Prosus, is firing 15% of its global workforce in a restructuring move as the demand for its offerings has begun to slow down, people aware of the developments told FE.
The company – which enables buying and selling of goods and services across categories like fashion, electronics, furniture, cars, among others – will sack at least 1,500 employees, FE has learnt. The Netherlands-headquartered firm has over 10,000 employees across five continents, according to its website.
While the exact number of Indian employees being let go could not be immediately ascertained, one of the people cited above said the engineering and operations teams are among the worst hit in the country. The company operates Olx and Olx Autos in India and has over 20 other brands worldwide.
Replying to FE’s queries, a company spokesperson said,“We can confirm that OLX is reducing its global workforce by 15% which impacts staff across all countries, business units and job functions.”
“OLX is taking necessary measures to reduce its cost structure in light of changing macroeconomic conditions. Regrettably, this means we are reducing the size of our workforce across the company. We are sorry to part ways with these valuable contributors, but doing so is necessary to meet our future ambitions. Ensuring that our employees are treated fairly and with dignity and respect is at the forefront of our attention at this time,” the spokesperson added.
Olx had started global operations in 2006 and entered India in 2009. OLX Group is a division of Prosus, a global consumer internet group and one of the largest technology investors in the world. Prosus has backed several startups in India like Byju’s, Swiggy, PharmEasy, Meesho, Cashify, Mensa Brands and others.