CarDekho Layoffs
May 2020
CarDekho announced a layoff affecting 200 employees in May 2020. The company operates in the Transportation sector.
200
May 25, 2020
Company Information
- Industry
- Transportation
- Country
- IN
- Region
- Gurugram, Non-U.S.
About
In May 2020, the online automobile marketplace CarDekho laid off over 200 employees, a move that impacted its workforce of approximately 5,000, including third-party staff. This reduction, representing a significant portion of its personnel, was driven by severe challenges in the automobile sector, which faced a sharp downturn with no business for two months and uncertain prospects for the following six to eight months. Concurrently, the company implemented pay cuts across various salary brackets, ranging from 12% to 45%, with senior management absorbing the highest reductions. As a unicorn startup valued around $643 million and backed by investors like Sequoia Capital, CarDekho's actions reflect the broader industry strain during the COVID-19 pandemic, affecting other players in the used-car digital marketplace as well.
Source
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support@layoffs.nlCompany Information
- Industry
- Transportation
- Country
- IN
- Region
- Gurugram, Non-U.S.