Olx to lay off 800 employees: Company closes businesses in Argentina-Mexico and Colombia.

Olx Group, the parent company of online marketplace and classified business Prosus, has decided to lay off 800 employees. The company has announced layoffs globally.

As reported by TechCrunch, the company has started winding down operations of its automotive business unit Olx Autos in some markets. This retrenchment is not limited to any particular division. Affected employees are being informed about the company’s decision.

Auto business closed in Argentina-Mexico and Colombia

“Earlier this year, we made a strategic decision to exit the OLX business and have since begun to search for potential buyers and investors,” the company said in an emailed statement to TechCrunch. This includes auto transaction businesses in Chile, Latin America, India, Indonesia and Turkey.

Olx Group has closed Olx Autos operations in Argentina, Mexico and Colombia due to lack of potential buyers and investors. At the same time, there is uncertainty about its future plans. The company said that we are committed to supporting all affected people during this transition.

OLX announced workforce cuts in January

Earlier in January, OLX had told about plans to lay off 15% of its global workforce. The company attributed this to poor economic conditions.

As on 31 March 2022, the company had 11,375 employees.

Prosus had told in the annual report for the financial year ended 31 March 2022 that the company has 11,375 employees globally. Most of them are related to OLX business.