Cars24 Layoffs
May 2023
Cars24 announced a layoff affecting 100 employees in May 2023. The company operates in the Transportation sector.
100
May 3, 2023
Company Information
- Industry
- Transportation
- Country
- IN
- Region
- Gurugram, Non-U.S.
About
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.
Source
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support@layoffs.nlCompany Information
- Industry
- Transportation
- Country
- IN
- Region
- Gurugram, Non-U.S.