Cars24 Lays Off 200 Employees In Restructuring Exercise Know Details

Cars24, a cell-credence company of old cars, is reducing its workforce. Cars24 has shown the way out to employees from many of its departments. It is being said that the company has trimmed around 200 employees who were from different departments. The objective behind the trimming is being reported to be restructured practice so that the company’s operations can run correctly. The Cars24 co-founder has confirmed the trimming. Let’s know in detail.

The startup Cars24, who is doing the business of used cars, has fired 200 of its employees. Of ET Report According to, Cars24 co-founder Vikram Chopra has confirmed this trimmer. Vikram Chopra informed through a blog post that employees of various tasks have been affected due to restructuring activity. The post reads, “In the last few weeks, we have had to make a difficult decision to separate from our nearly 200 colleagues in various functions.”

Vikram Chopra further said that some projects have not given the results as expected in the last few months, resulting in some posts to be recruited very quickly. Chopra said, ‘We have always believed in walking fast. We have always been trying to make something big. But the bitter truth is also that the speed without clearness is very expensive. And when the mathematics does not add anything further, it is our job to re-set it. ‘

The Softbank-backed startup claims that it is providing outplacement services as well as Severance package to the employees going out. Cars24 installed by Vikram Chopra, Ruchit Aggarwal, Gajendra Jangid and Mehul Aggarwal is an online marketplace to buy and sell old cars in 2015. Earlier this year, the IPO-bound startup also entered the market for ‘new cars’. The news of the retrenchment has come when the company acquired the Domestic Automotive Forum-BHP just a few days ago. However, no information about this deal was excluded by the company.

Such startups continue to have a frequent dismissal. Last year too, about 30 startups showed the way out more than 9000 employees. Of these, 60 percent of these had to cut cost cuttings and profits.