Layoffs 2023: OLX to fire 1,500 employees globally

OLX which is the classifieds unit of internet group, Prosus, is planning to cut about 15 per cent of its workforce globally which is around 1,500 employees. The number of people who will be laid off from the Indian team could not be ascertained.

The company spokesperson confirmed the news and said, "We can confirm that OLX is taking necessary measures to reduce its cost structure in light of changing macroeconomic conditions. Regrettably, this means we are reducing the roles across our business. We are sorry to part ways with these valuable contributors, but doing so was necessary to meet our future ambitions. Ensuring that our employees are treated fairly and with dignity and respect is at the forefront of our mind throughout this process."

Prosus operates via OLX Autos and OLX across India. The company, which was launched in 2006, entered the Indian market in 2009.

It also backs several Indian unicorn companies such as BYJU’S, Swiggy, Meesho, Pharmeasy, Mensa Brands, Urban Company and others.

This year started on an unsettling note for people in the tech industry. Amazon was one of the first companies to announce mass layoffs in 2023 and Microsoft as well as Google followed suit. And now, healthcare technology provider Philips, has announced its decision to fire over 6,000 employees after laying off 4,000 people in October last year. The company incurred losses due to the piling returns of its faulty sleep respirators. As a result, it made the decision to cut down on job roles.

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