OLX Group, the classifieds business arm of Prosus, has reportedly laid off approximately 800 employees worldwide.
The move comes as the online marketplace has started closing down its automotive business unit, Olx Autos, in certain markets.
The company has confirmed the job cuts and has begun informing the affected employees. OLX has ceased operations in Argentina, Mexico, and Colombia, while its operations in India are expected to remain largely unaffected.
The company stated that pursuing individual country sales was the best option, focusing on local markets with significant value.
Earlier this year, OLX Group had already reduced its global workforce by 15%, affecting employees in India as well. The company aims to reduce costs in response to changing macroeconomic conditions, while emphasizing fair treatment and respect for its employees during this transition.
