Online marketplace, Olx Group, has announced cutting down around 800 jobs and shutting down some markets in a bid to improve revenue.
A spokesperson of Amsterdam-headquartered company disclosed this in a statement on Tuesday.
After extensive research into potential purchasers and investors, the company recently began to shut down operations of its automobile business unit, Olx Autos, in select areas.
While confirming the employment losses, an Olx representative stated that they were caused by the decision to leave Olx Autos, which was made public in March.
“We are committed to supporting all impacted people throughout this transition,” the company said.
The company has market footprints in over 30 countries around the world.
“…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.”