In the last few years, many big and small companies around the world have retrenched employees. In this series, the online marketplace OLX Group has announced plans to reduce its workforce globally and has laid off a large number of employees. The group has laid off around 800 employees worldwide. Let us tell you that OLX Group has business in 30 countries, including India, and its headquarters are in Amsterdam.
According to a report in TechCrunch, after searching for potential buyers and investors, the company has started winding down operations of its automotive unit, OLX Auto, in the market. A source associated with the matter said that the retrenchment is not limited to the market or division. Further pruning can be done.
A company spokesperson confirmed the layoffs. In a mail sent to TechCrunch, the company said that earlier this year, it made a strategic decision to exit the OLX auto business and has since been searching for potential buyers or investors.
