OLX Group, the online marketplace and classifieds business arm of Prosus, has announced the reduction of approximately 800 jobs worldwide
The company has started shutting down operations of its automotive unit, Olx Autos, in certain markets after exploring potential buyers and investors 6 months earlier, OLX’s planned to reduce its global workforce by 1,500 employees in 2023. The layoffs were due to restructuring efforts and unfavorable macroeconomic conditions.
The company said in a statement emailed, “Earlier this year, we made the strategic decision to exit the Olx Autos business, and potential buyers or investors have been explored since then.”
“As a result of this process, it became clear that pursuing individual country sales was the best option, given the significant value that exists within local markets. This includes Chile, the financing business in Latin America, and both the Olx classifieds platforms and the Autos transaction businesses in India, Indonesia, and Turkey”, it added.
Grab to layoff 1000 employees
Southeast Asia’s leading super app, Grab Holdings will sack 1,000 jobs or nearly 11% of the company’s workforce.
CEO Anthony Tan wrote in a memo to staffers said, “I want to be clear that we are not doing this as a shortcut to profitability.”
“Over the past couple of years we’ve been consistent in managing costs tightly in all areas of our operations and on improving platform efficiency”, it added.
Chingari joins the list of Indian startups to lay off employees
A short-video app, Chingari will sack 20% of its workforce nearly 48 employees. As per the company’s LinkedIn page, it has around 240 employees.
The company will be offering a two-month salary as severance pay to the affected employees and extending their health insurance by three months.
The impacted employees were informed about the layoffs by the HR team during one-on-one interactions. Additionally, the movement comes weeks after Chingari cofounder Aditya Kothari quit the startup.
So far in 2023, there have been 1,120 layoffs at tech companies with 317,382 people impacted (1,845 people per day). In 2022, there were 1,557 layoffs at tech companies 243,318 people are impacted (667 people per day).
