OLX, the Dutch online marketplace, is laying off 15% of its global workforce or around 1,500 employees, joining a growing list of organisations that have laid off staff in recent days.
“OLX is reducing its global workforce by 15% which affects staff across all countries, business units and job functions. We are taking necessary measures to reduce cost structure in light of changing macroeconomic conditions,” a company spokesperson said.
"Regrettably,” added the spokesperson, “this means we are reducing the size of our workforce. We are sorry to part ways with these valuable contributors."
"But, doing so is necessary to meet our future ambitions. Ensuring that our employees are treated fairly and with respect, is at the forefront of our attention at this time."
The precise number of employees in India who will be impacted by the change is unknown.
The engineering and operations teams, on the other hand, are the worst hit in the nation, according to sources.
The company with its headquarters in Amsterdam runs OLX and OLX Autos in India, where it entered the market in 2009.
According to its website, OLX, which started operating internationally in 2006, is available on five continents and has more than 20 brands globally.
It makes it possible to buy and sell items from a variety of categories, such as clothing, electronics, furniture, cars, etc.
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