Olx Fires 250 Employees, Ramps Down Business; Focus Only On Used Cars, Jobs Verticals Now?
Bad news coming in for Olx employees across India.
The company has suddenly decided to alter its business model, and ramp down several key business verticals.
And as a direct result of this business remodeling, 250 employees from Olx will be fired.
What exactly is happening here?
Olx Is Firing 250 Employees
As per an exclusive report by Entrackr, Olx is letting go 250 employees, across India.
Olx has confirmed this development, as a spokesperson stated, “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,”
He further added that 250 employees are being fired, and these are mainly from sales and customer suppport teams.
The location of these terminated employees hasn’t been revealed as of now.
Olx Altering Its Business Model: A Major Revamp
As per the reports, Olx has triggered a massive business remodeling, and this firing of 250 employees is a direct result of the same.
It seems that Olx will ramp down most of their key business verticals like selling and buying used products, and focus only on two major business verticals: Used cars and Jobs.
An unnamed source said, “OLX may shut down the aforementioned verticals and focus only on its two transaction businesses — Cash my Car and Aasaanjobs,”
This source added that this decision of Olx to alter business model has nothing to do with Covid-19, and part of their global remodeling strategy.
Entrackr observed that Olx has stopped focussing on their real estate vertical, as no new updates have been introduced.
Another unnamed source added, “The company has primarily been ramping up its used cars vertical and the blue-collared jobs one since late 2019,”
But Olx has denied these speculations, and have informed that they will continue to focus on real estate and used goods vertical.
We will keep you updated, as more details come in.