According to publication TechCrunch, the transfer comes as the corporate begins to section out actions of its automotive business arm Olx Autos in a number of areas after a prolonged seek for potential patrons and buyers.
“Earlier this year, we made the strategic decision to exit the Olx Autos business and potential buyers or investors have been explored since then,” the corporate was quoted as saying.
“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.
Moreover, the report mentioned that the Netherlands-based firm, which operates in over 30 international locations globally, just lately began informing affected staff concerning the layoffs which aren’t restricted to a specific market or division.
Prosus’ annual report for the 12 months ending on March 31, 2022 mentioned it employed 11,375 folks worldwide in its classifieds business, predominantly Olx, the report talked about.
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In January, OLX Group confirmed plans to slash 15% of its workforce, or greater than 1,500 staff, globally together with in India as a part of restructuring amid the worldwide meltdown and recession fears.
Source: economictimes.indiatimes.com