The global online marketplace OLX, recently announces that it plans to invest in artificial intelligence and machine learning technologies to accelerate customer experience. The company has also elevated its former Chief Revenue and Strategy Officer Sushil Kumar at India Business as General Manager (Country Head).
As per Google and KPMG report, OLX is currently battling up with domestic online classifieds market Quikr for the top spot.
Sushil Kumar said, “In the coming two years, we plan to invest in leveraging emerging technologies like AI, ML, and deep learning to enable a more seamless experience to our customers which is going to be significantly important in the success of our business.”
In a statement released by the company, it was quoted that the promotion of Sushil Kumar marks the recognition of India as a key strategic growth market globally.
Melancholy, OLX has witnessed exits if two former India Heads Amarjit Singh Batra and Momtaz Moussa, in past 18 months. Amarjit Singh Batra is now positioned at Managing Director at Spotify India.
Tim Hilpert, CEO, OLX Markets asserted, “Our growing focus on India as a strategic growth market has brought some very exciting changes at OLX. Sushil’s strong vision to lead OLX Group to the path of success will be instrumental for the growth of the organization in the coming few years.”
Post elevation, Kumar will have to incubate company for digital innovation, expansion, partnerships and customer-centric culture. OLX claims to have nearly 50 million users in India. Also, to boost up its online job search segment, the company acquired recruitment marketplace Aasaanjobs in January for an unrevealed quantity.
Facts and Figures
• The revenue of OLX (Indian Market) for the financial year 2018 raised to Rs 179 crore from Rs 92 crore in FY17.
• The net profit also doubled from Rs 8 crore in FY17 to Rs 15.6 crore in the last financial year.
• Reportedly, rival online classified Quikr’s revenue surged to Rs 173.49 crore last fiscal year.