OLX Group is laying off over 1,500 employees of its global workforce. The company officials say that they are restructuring the entire organization.
The number of Indian employees kicked out could not be immediately ascertained. The reports suggest that the auto business would be the worst hit and that positions in the operations and engineering teams in India would be laid off.
According to the sources, OLX is taking necessary steps to reduce its cost structure due to the changing macroeconomic conditions. They are reducing the workforce size across the company to meet future ambitions.
OLX Group is a division of South Africa-based Prosus which has backed several startups like Swiggy, Byju’s, Meesho, PharmEasy, Elastic Run, Eruditus, Urban Company, Mensa Brands, and Cashify.
OLX started its operations in 2006 and entered India in 2009.
The beginning of 2023 saw many major tech firms like Microsoft, Facebook, Amazon, and Spotify slash jobs as fears of a recession loom over investors and clients alike, forcing everyone to keep their powder dry for tougher times.