Cars24 Layoffs
May 2022
Cars24 announced a layoff affecting 600 employees (6% of its workforce) in May 2022. The company operates in the Transportation sector.
600
6%
May 19, 2022
Company Information
- Industry
- Transportation
- Country
- IN
- Region
- Gurugram, Non-U.S.
About
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.
Source
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support@layoffs.nlCompany Information
- Industry
- Transportation
- Country
- IN
- Region
- Gurugram, Non-U.S.