San Francisco, Jun 21 (IANS): Online marketplace OLX Group and the classifieds business arm of Prosus (global investment group) on Tuesday cut around 800 jobs globally.

According to TechCrunch, the move comes as the company begins to phase out activities of its automotive business arm Olx Autos in several areas after a lengthy search for potential buyers and investors.

"Earlier this year, we made the strategic decision to exit the Olx Autos business and potential buyers or investors have been explored since then," the company was quoted as saying.

"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," it added.

Moreover, the report said that the Netherlands-based company, which operates in over 30 countries globally, recently started informing affected employees about the layoffs which are not limited to a particular market or division.

Prosus' annual report for the year ending on March 31, 2022 said it employed 11,375 people worldwide in its classifieds business, predominantly Olx, the report mentioned.

In January, OLX Group confirmed plans to slash 15 per cent of its workforce, or more than 1,500 employees, globally including in India as part of restructuring amid the global meltdown and recession fears.