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The Prosus-owned firm stated it’ll renew its deal with Money my Automobile and Aasaanjobs
The axe has fallen on the gross sales crew, which OLX had doubled in power final 12 months to scale operations
OLX had reached break even in 2018 when its income rose to $24.45 Mn
On-line classifieds platform OLX has laid off near 250 individuals from its gross sales and assist groups. The Prosus-owned firm, nevertheless, stated it’ll renew its deal with its omnichannel platform to promote automobiles Money my Automobile, and its recruitment market Aasaanjobs.
Talking to Inc42, OLX’s spokesperson stated the corporate will be sure that the impacted colleagues acquired significant exit severance compensations and outplacement assist.
“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,” the spokesperson added.
In keeping with sources, earlier this week, OLX determined to close down its actual property and used items verticals in India, shedding 200 individuals. OLX introduced that the choice will not be because of Covid however is part of a bigger change in world technique.
The axe has fallen on the gross sales crew, which OLX had doubled in power final 12 months to scale operations.
In the meantime, it has been discovered that OLX staff blamed the corporate for lack of readability and any technique for India as the explanation for this determination. The dearth of technique has been happening for some time, the place the technique has modified each 6 months.
Sources additionally recommend that OLX’s choices are pushed by the worldwide crew with none empowerment of the native administration crew.
On the world stage, OLX has been attempting to guard itself from Fb whose market product has considerably dented its market share throughout a number of geographies (Indonesia and USA to call a couple of). Exterior Europe and Russia (the place it owns Avito), OLX has struggled to take management place. During the last 2 years, it has exited a number of geographies by promoting/merging the native enterprise items with dominant gamers – bought the enterprise in center East to EPMG group, bought the enterprise in southeast Asia to Carousel, bought the enterprise in USA (letgo merged with offerup).
OLX had in November 2018, joined arms with Germany-based Frontier Automobile Group (FCG) to launch its offline used automotive promoting shops referred to as ‘Cash My Car’. The corporate had informed Inc42 in 2018 that it deliberate to enhance its footprint to 40 cities by 2021-end. It had additionally acquired Mumbai-based on-line recruitment market Aasaanjobs for an undisclosed quantity.
In current instances, OLX has been waging a troublesome battle with Fb’s market throughout a number of geographies. It at present leads the section in Europe and Russia the place it owns Avito.
Final 12 months, OLX’s competitor, Quikr had laid off round 2,000 individuals from its verticals — automobiles and bikes, jobs, Quikr Realty and Quikr properties — pan India. Quikr employs about 3,500 staff in these verticals. Nonetheless, the corporate acquired Bengaluru-based on-line laundry companies startup LaundryAnna final 12 months.
After greater than a decade of presence in India, OLX had reached break even in 2018 when its income rose to $24.45 Mn.
Since 2018, OLX has exited a number of geographies by sale or mergers with native enterprise items with dominant gamers. In April this 12 months, it merged its Center East enterprise with Rising Markets Property Group (EMPG) whereas its US enterprise Letgo grew to become a part of OfferUP across the similar time.
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