New Delhi. The process of Indian startups firing employees continues. Now Cars24, a company engaged in buying and selling old cars, has done layoffs. Cars24 has laid off about 200 employees from various departments.
It is worth noting that last year also, about 30 startups had shown the way out to more than 9000 employees. 60 percent of them had laid off employees in the name of cost cutting. Cars24 has also received funding from SoftBank. The company says that the employees being laid off are being given outplacement services as well as severance package.
Founded in 2015 by Vikram Chopra, Ruchit Aggarwal, Gajendra Jangid and Mehul Aggarwal, Cars24 is an online marketplace for buying and selling used cars. Earlier this year, the startup also entered the ‘new car’ market. Just a few days ago, the company acquired domestic automotive forum Team-BHP. However, the company has not yet made an official announcement.
Co-founder confirms layoffs
Cars24 co-founder Vikram Chopra has confirmed the layoffs. Vikram Chopra has shared this information in a blog post. He says that due to the restructuring activity in the company, employees from various departments have been affected. Chopra wrote, “Over the past few weeks, we have had to make the difficult decision to part ways with approximately 200 of our colleagues across various functions.” Chopra said that in the past few months some projects did not yield the expected results, as a result of which hasty recruitment had to be done for some positions.
Chopra wrote, ‘We have always believed in moving fast. We have always tried to build something big. But the bitter truth is that speed without clarity is very expensive. And when the math doesn’t add up, it’s our job to reset it.’
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