OLX, the classifieds division of online company Prosus, plans to lay off roughly 1,500 workers, or 15% of its global staff. It was impossible to determine how many members of the Indian team would be let go.
According to the company spokeswoman, who confirmed the information, OLX is taking the required steps to lower its cost structure in light of the shifting macroeconomic landscape. Sadly, this implies they are lowering the number of roles throughout their company. Although they regret having to part ways with these important contributions, doing so was crucial for them to achieve their future goals. Throughout this process, they have kept our employees' fair treatment, dignity, and respect as their top priority.
In India, Prosus operates through OLX Autos and OLX. The business, which began operations in 2006, debuted in India in 2009.
Additionally, it supports a number of unicorn businesses in India, including BYJU'S, Swiggy, Meesho, Pharmeasy, Mensa Brands, Urban Company, and others.
For those working in the technology sector, this year began on an unpleasant note. In 2023, Google and Microsoft both announced large-scale layoffs after Amazon, one of the first corporations to do so. After laying off 4,000 workers in October of last year, healthcare technology giant Philips has now revealed its intention to terminate nearly 6,000 staff members. Due to the mounting returns of its defective sleep respirators, the company suffered losses. As a result, it decided to reduce the number of jobs.