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Cars24 lays off 200 Employees

Entrackr

Entrackr · 5m ago

Cars24 lays off 200 Employees

Cars24, the e-commerce platform for pre-owned vehicles, has laid off over 200 employees as part of a cost-cutting measure, according to three sources familiar with the development. According to sources, the SoftBank–backed company provided affected employees with standard severance packages. In a statement to Entrackr, Vikram Chopra, co-founder and CEO of Cars24, said, "This is a tough decision. Over the past few weeks, we've had to part ways with around 200 employees across various functions. We are deeply grateful for their contributions. The layoffs are not about performance, but about structure and the bets we placed. We've learned that speed without clarity is expensive, and some projects and roles were added prematurely. Moving forward, we need to be more strategic and deliberate with our investments and team-building." Despite not raising any external funding in the last three and a half years, Cars24 secured $450 million in December 2021 from investors including SoftBank, Tencent, DST Global, and Falcon Edge’s Alpha Wave. This funding round valued the company at $3.3 billion. In FY24, Cars24 reported a 25% year-on-year increase in revenue, from Rs 5,530 crore in FY23 to Rs 6,917 crore. Despite this, the company posted a net loss of Rs 498 crore and an adjusted EBITDA loss of Rs 318 crore for the same period.

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Related News

Cars24 to Lay Off 120 more Employees, Shuts Non-Core Units Inspare and FourDoor

OutlookIndia

OutlookIndia · 4m ago

Cars24 to Lay Off 120 more Employees, Shuts Non-Core Units Inspare and FourDoor

Cars24, a used-car marketplace based in Delhi NCR, plans to lay off 120 employees as part of a restructuring effort, following a previous layoff of 200 employees in April. The company is closing or scaling back non-core units, including the B2B vehicle-spare-parts platform, Inspare, leading to 80 job losses, and the car-servicing platform, FourDoor, with 40 job eliminations. Severance packages are being offered to affected employees.

CARS24 to Slash 120 More Jobs Amid Major Restructuring Drive

StartupTalky

StartupTalky · 4m ago

CARS24 to Slash 120 More Jobs Amid Major Restructuring Drive

CARS24 is undergoing a major restructuring, laying off an additional 120 employees from its non-core verticals after let going of 200 last month. The company is closing or scaling down these sectors, including its business-to-business automotive parts platform, Inspare, affecting 80 jobs. Affected employees are receiving severance packages and being encouraged to seek other roles. The startup, valued at $3.2 billion, is focusing on strengthening its core operations amid financial challenges.

Alphabet's Waymo lays off more employees, third time this year

Economic Times

Economic Times · 1y ago

Alphabet's Waymo lays off more employees, third time this year

Alphabet-owned self-driving car company, Waymo, has laid off more employees for the third time this year as part of an internal reorganization process. The exact number of affected employees has not been disclosed. These layoffs come after previous rounds of layoffs earlier this year, where Waymo fired 200 employees. Waymo stated that these recent adjustments are part of a broader organizational restructuring approach. The company had around 2,500 employees at the beginning of the year.

ShareChat lays off about 200 employees across verticals

Economic Times

Economic Times · 1y ago

ShareChat lays off about 200 employees across verticals

Social media platform ShareChat has laid off around 200 employees, constituting 15% of its workforce, as part of a restructuring effort to cut costs and achieve profitability in the next 4-6 quarters. Backed by Google and Temasek Holdings, ShareChat is also reportedly seeking $50 million in new funding at a valuation below $1.5 billion. This move has primarily impacted roles in the company's product functions.

Sachin Bansal-led Navi lays off 150-200 employees amid delayed IPO

Economic Times

Economic Times · 2y ago

Sachin Bansal-led Navi lays off 150-200 employees amid delayed IPO

Navi Technologies, founded by Sachin Bansal, has reportedly laid off around 200 employees. The layoffs come as part of a restructuring process aimed at streamlining operations and focusing on strategic priorities. Navi Technologies, which offers financial services, aims to enhance its efficiency and optimize costs while aligning with its long-term business goals.

Meta lays off 3,600 workers—Then hands execs up to 200% in bonuses

Economic Times

Economic Times · 7m ago

Meta lays off 3,600 workers—Then hands execs up to 200% in bonuses

Meta recently laid off 3,600 employees and announced significant bonuses for its executives, increasing them to 200% of their base salary. This decision was made to align executive compensation with industry peers and retain top talent. However, the timing, following mass layoffs cited as due to "low performance," sparked criticism and backlash online. Many former employees accused Meta of unfair dismissals driven by cost-cutting rather than performance, intensifying scrutiny on the company's leadership.

Unacademy lays off 250 employees

Inshorts · 1y ago

Unacademy lays off 250 employees

Edtech unicorn Unacademy has laid off 250 employees across several departments, media reports said. Around 100 laid-off employees were from core functions like marketing, business and product, while the rest were from sales. "As part of our ongoing efforts to streamline operations and enhance business efficiency, we have recently undergone a restructuring exercise," an Unacademy spokesperson said.

Byju’s lays off about 500 staffers, nearly half from tuition centre business

Economic Times

Economic Times · 1y ago

Byju’s lays off about 500 staffers, nearly half from tuition centre business

Byju's, the troubled edtech company, has reportedly laid off around 500 employees, mainly in sales and marketing roles. The layoffs come as the company faces difficulties in securing capital and managing day-to-day operations. Around 240 of the affected employees worked in Byju's Tuition Centre operations, with the rest employed in other areas like K-10 and examination preparation. The company has attributed the layoffs to a cash crunch and a business restructuring exercise. Additionally, employees were informed that their salaries would be delayed due to actions by investors. Byju's is currently attempting a $200 million rights issue to raise funds.

Gameskraft lays off 120 employees

Entrackr

Entrackr · 16d ago

Gameskraft lays off 120 employees

Gameskraft, one of India’s largest real-money gaming companies, has laid off about 120 employees across teams as part of a restructuring exercise triggered by the government’s blanket ban on online money games. The layoffs come at a turbulent time for the firm, which is also reeling from a fraud scandal involving former CFO Ramesh Prabhu, who allegedly siphoned off Rs 270 crore over nearly five years. An FIR has been filed against him following the company’s complaint at Bengaluru’s Marathahalli police station. Affected employees will receive severance pay, leave encashment, and extended group health insurance until March 2026, with an option to convert policies to individual plans. Founder Prithvi Singh said the decision was forced by “external realities” and not employee performance, adding that Gameskraft would support outgoing staff during their transition. Founded in 2017, Gameskraft had been one of the fastest-growing real-money gaming firms, operating platforms like Rummyculture and Pocket52, both of which have now been shut following the new law. According to TheKredible, the company’s FY25 net profit dropped 25% to Rs 706 crore because of the 28% GST, increased taxes, and one-time accounting changes. However, the company’s revenue rose 12% to Rs 3,896 crore from Rs 3,475 crore in FY24. Gameskraft joins other gaming firms downsizing after the ban. A23 Rummy (Head Digital Works) cut 500 jobs, Zupee axed 170, MPL is shrinking up to 60% of staff, and Baazi Games has reduced headcount by 200. Games24x7 is reportedly laying off 70% of its workforce.

Scale AI lays off 200 employees: ‘We ramped up our GenAI capacity too quickly’

The Verge

The Verge · 2m ago

Scale AI lays off 200 employees: ‘We ramped up our GenAI capacity too quickly’

Scale AI is laying off 14% of its workforce, approximately 200 employees, as part of a restructuring effort. This move comes a month after Meta's significant investment in the company. CEO Jason Droege cited that the rapid expansion of their generative AI capacity led to inefficiencies and redundancies. The company plans to refocus on core areas and streamline operations to adapt better to market changes, with intentions to hire in Enterprise and Public Sector in the latter half of 2025.

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