Cars24 Layoffs: A Tough Decision for the Company 😔
Cars24, a well-known platform for buying and selling used cars, recently laid off about 200 employees. This decision is a part of the company’s restructuring efforts to meet its long-term goals. Co-founder and CEO Vikram Chopra expressed that this is a challenging time for everyone involved. He acknowledged the hard work and trust that the affected employees contributed to the company and expressed gratitude for their dedication. 🙏
Reasons Behind the Layoffs 🔍
Vikram Chopra explained that the layoffs were necessary to align the team with the company’s long-term objectives. He mentioned that the company had been focusing on several projects, but some did not yield the expected results. Additionally, some positions were filled quickly without proper evaluation. He assured that this was not a rolling plan for continuous layoffs but a specific reset to strengthen the company’s structure.
Support for Affected Employees 🤝
Cars24 is committed to supporting its laid-off employees. The company is providing resources such as resume assistance, LinkedIn help, mentorship, and emotional wellness support. They have also opened up roles within their network for those affected.
Financial Performance of Cars24 📊
In the financial year 2024, Cars24 reported a loss of ₹498 crore, which is a 6.4% increase from the previous year. Their expenses also rose significantly, indicating that the company is facing financial challenges. Despite this, the income from car sales grew by 24%, showing some positive growth amid difficulties.
Cars24 raised $450 million in December 2021, and its major investors include well-known names like SoftBank and Alpha Wave. 🚗💰
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