Cars24

CARS24, a used car marketplace startup, is laying off approximately 120 employees as part of a restructuring exercise focused on non-core verticals. This follows a previous round of 200 layoffs over a month earlier. The cuts primarily affect the B2B spare parts platform 'Inspare', which is being shut down, impacting 80 employees, and the car servicing platform 'FourDoor', with 40 layoffs. The company is scaling down or closing these consumer-facing services due to struggles with market adoption and profitability, redirecting efforts toward its core transaction engine. While the exact total employee count isn't specified here, the layoffs reflect a strategic shift to streamline operations. The company has offered severance packages to affected staff, and these developments were reported around late May.

Cars24, an Indian e-commerce platform for used cars valued at $3.3 billion, has laid off approximately 200-250 employees in late April 2025. This represents a significant workforce reduction, though the exact percentage relative to total employees is not specified. The layoffs, primarily affecting product and technology teams, are a strategic cost-cutting measure. CEO Vikram Chopra explained the decision stemmed from restructuring and over-hiring into premature projects, emphasizing a need for more deliberate growth. This move occurs amidst competitive pressure, as rival Spinny secured major funding, and follows Cars24's own substantial $450 million raise in late 2021. Despite reporting increased revenue of nearly Rs 6,917 crore in FY24, the company continues to operate at a significant net loss.

Cars24, an Indian used car marketplace unicorn in the automotive e-commerce industry, has laid off nearly 100 employees in Indonesia as part of its decision to shut down operations in the country and Saudi Arabia. This move, announced in early May 2023, is a strategic shift to focus resources on core markets like India, Australia, Thailand, and the UAE. The layoffs follow a broader cost-cutting trend, as the company had previously let go of 600 employees across various verticals in May 2022 to reduce expenses and automate operations. Despite raising significant funding, including a $450 million round in 2021, Cars24 has faced financial pressures, with losses increasing to INR 248 crore in FY22, prompting a retreat from recent international expansions to prioritize sustainable growth in its established markets.

In May 2022, SoftBank-backed used car e-commerce platform Cars24 laid off 600 employees, representing a little under a fifteenth (approximately 6-7%) of its total workforce. The Gurugram-based company framed the move as part of regular performance-linked exits, but the layoffs, primarily affecting operations and marketing, are widely seen as a cost-cutting measure to conserve cash amid a difficult funding environment. This occurred despite Cars24 having raised $850 million in the preceding eight months, including a $400 million round in late 2021 that valued the company at $3.3 billion. The Indian used car industry is growing, but Cars24, like its competitors, remains unprofitable, contributing to a broader trend of layoffs across Indian startups during this period.