Business News

OLX India Fires 250+ Employees, Business Prioritization Will Be in Two Major Segments!

olx india lays off employees

OLX India is facing the brunt of the Covid-19 slowdown. The Prosus-owned firm will converge its focus on AasaanJobs and Cash My Car for the remaining period of 2020-21. The sales team of OLX faced a major downsizing in the recent times. Ironically, OLX ramped up its sales workforce by 200% since last year.

OLX India has amassed a revenue of $24.4 million and became cash flow positive in 2018. However, sales and support teams took the axe in the recent workforce retrenchment drive. The recruitment marketplace, AasaanJobs and used car sales platform Cash my Car will now be the top priorities of OLX India.

OLX India’s spokesperson assured that the affected colleages from the sales and support teams were provided adequate remuneration and outplacement assistance. “As we continue to evolve to meet the market expectations and the needs of our customers, we’re shifting our strategy and focusing on key segments where we can offer more services and convenience,” quoted the spokesperson.

Cash My Car was the latest venture from OLX India which is a partnership with Frontier Car Group (FCG). OLX’s vision was to expand in at least 40 cities by the end of 2021. Facebook marketplace is a major threat to OLX’s primary business stream and it is dominating the market against Avito in Europe.
The grass is not green on the other side of OLX either. OLX’s primary competitor Quikr axed 2000 people from its segments like real estate, automobiles and jobs. There were 3,400 in these segments. Laundryanna was the latest acquisition by Quikr in 2019.

About the author

Mike Butcher

Mike Butcher

Mike is a seasoned journalist with nearly 10 years of experience. While studying journalism at the University of Tennessee, Mike found a passion for finding engaging stories. As a contributor to PDQ Wire, Mike mostly covers state and national developments.
Email:pr@pdqmedia.in

Add Comment

Click here to post a comment