E-commerce platform for pre-owned cars, CARS24 has fired close to 600 employees calling it ‘business as usual’. “This is business as usual. It a part of performance linked exits that happen every year. This is not owing to any cost cuts,” a Cars24 spokesperson said. The company has around 9000 employees, nearly 6.6 per cent out of which have now been let go of.
“This is linked to our commitment towards building a stronger pre-owned cars ecosystem with a focus on quality and performance,” the company said.
“While providing the highest quality customer experience is integral to CARS24, it's our people that form the backbone of the company, helping us sustain our progress and achieve our vision.”
The company added that its business is growing in India, the Middle East, Australia and other global markets in Asia. The company said that as part of its business strategy, we have been aggressively hiring the right talent across departments to build a stronger talent pool. “In the earlier year, we hired over 8000 people and 127 people in the month of April itself,” it added.
In December last year, the company raised $400 million, including a $300 million Series G equity round alongside $100 million debt from diversified financial institutions.
“CARS24 has shown tremendous growth over the past year and has fast-tracked its expansion plans in India and globally. As part of our growth plan, we also launched seven Mega Refurbishment Labs in India keeping the two important cornerstones of trust and quality at the core,” the spokesperson said.