1 week Ago
Gurugram, April 26: Cars24, an online platform known for selling used cars, has reportedly laid off around 200 to 250 employees. The Cars24 layoffs are Implemented as a part of cost-cutting measures and future hiring plans, according to reports. The e-commerce platform for second-hand vehicles reportedly laid off up to 250 employees this month from its product and strategy teams.
According to the reports, the Cars24 layoffs were announced at the time of a significant moment as the rival company Spinny secured USD 131 million in fresh funding from Accel's Leadership Fund. With the funding, Spinny Cars would double down on the selection and portfolios globally, said a report by Entrackr . Axis Bank Layoffs: India's Private Bank Asks 100 Senior Employees To Leave Based on Their Performance, CEO Amitabh Chaudhry Says ‘Nothing Unusual’.
Cars24 CEO Vikram Chopra stated that the decision of layoffs was tough and confirmed that it affected over 200 employees across various functions. Chopra said that he was "deeply grateful" for the contributions of the laid-off Cars24 employees. The CEO said the Cars24 layoffs were not about the performance but the "structures and bets we placed".
He said that the company added some permanent roles to the project. Cars24had secured USD 450 million on December 21 from leading investors such as Soft Bank, DST Global, Falcon Edge's Alpha Wave and Tencent. The funding increased the value of the company to USD 3.
3 billion. Cars24 did not raise any further funds during external funding in over three and half years. Employment Growth in India: Country Witnessing Job Growth at Faster Pace Than Working-Age Population, Says Work Bank Report.
Besides this, the reports said that the company had not filed for FY25 numbers. In FY24, the company had INR 6.917 crore in profit with 25% YoY growth in revenue.
The company posted a net loss of INR 498 crore and an adjusted EBITDA loss of INR 318 crore. (The above story first appeared on LatestLY on Apr 26, 2025 01:15 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.
com )..
