Cars24 lays off 600 employees for ‘poor performance’

NEW DELHI: Pre-owned e-commerce platform Cars24 on Thursday said that around 600 employees have been let go based on their poor performance and not owing to any “cost cuts”.

Calling it “business as usual”, the company, which has nearly 9,000-strong workforce, and is in the process of hiring more globally, said its business is actually growing in India, the Middle East, Australia and Southeast Asia.

“This is business as usual as these are performance-linked exits that happen every year,” the company said in a statement.

In December last year, Cars24 closed a $400 mn round of funding, including a $300 mn Series G equity round alongside $100 mn debt from diversified financial institutions. The platform was valued at $3.3 billion, about double the valuation from its previous round in September 2021.