Cars24: The used automobile marketplace Cars24 has laid off around 600 staff across departments and functions, according to those familiar with the situation.
This represents more than 6% of its overall workforce of around 9,000 individuals.
"This is business as usual for performance-linked departures," the corporation stated in a statement.
Cars24, financed by Japan's SoftBank and Alpha Wave Global, has joined a growing list of firms, including Unacademy, Vedantu, and Meesho, that have laid off employees to save money amid a fundraising slowdown.
After a record year of fundraises and fast development, startups have begun to slash expenses and run a tight ship, according to ET on April 28.
Nearly the last two weeks, Unacademy, Vedantu, social commerce firms Meesho and Trell, online learning platform Lido Learning, and furniture rental business Furlenco have sacked over 2,400 contractual and full-time employees.
According to sources, several of these corporations may aim to reduce even more positions.
Cars24's layoffs come at a time when the company is aiming to grow abroad.
In November, ET reported that the corporation was trying to expand across the Middle East and Southeast Asia. The firm, which is already operating in the UAE and Australia, has expanded into Thailand. It competes with Droom, CarTrade, Spinny, and CarDekho in India.
Vikram Chopra, Mehul Agrawal, Ruchit Agarwal, and Gajendra Jangid established Cars24 in 2015. The business introduced a Rs 75 crore employee equity ownership program for present and previous employees in February.
· Lido Learning lay off nearly 150 staff in February, barely five months after raising $10 million from Ronnie Screwvala's Unilazer Ventures.
· Trell, a social commerce startup, said in March that it will lay off hundreds of staff as part of an investigation into financial irregularities at the company.
· Furlenco, a furniture rental firm, lay off 180-200 workers the same month.
· Meesho followed suit in April, striking off 150 workers from its grocery shop, Meesho Supermarket.
· Unacademy let off 1,000 employees in March, including on-roll and contract workers, as the online education market slowed.
· Vedantu reported 624 layoffs in May, including 424 on May 18, accounting for approximately 7% of the staff.
