Shadine Taufik · · 1 min readIndian used-car marketplace lets go of 600 workers
Cars24, an India-based online marketplace for used cars, has let go of 600 of its employees, Mint reported.
The layoffs come amid the company’s plans to expand internationally.
All the affected employees are from India, with most occupying junior positions. Prior to the job cuts, Cars24 employed nearly 9,000 people. A Cars24 spokesperson told Mint that the move was not a layoff, but rather “performance linked exits.”
Founded in 2015 by Vikram Chopra, Ruchit Agarwal, Gajendra Jangid, and Mehul Agrawal, Cars24 allows users to sell, buy, and finance pre-owned cars.
Other Indian startups such as Unacademy and Vedantu have also laid off hundreds of employees to minimize financial losses.
Cars24 is worth around US$3.3 billion, having closed a $300 million series G round and securing a $100 million debt facility last year.
Editing by Deepti Sri and Arpit Nayak
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
