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HomeInsightNews & UpdateSoftBank-backed Cars24 lays off 600 employees

SoftBank-backed Cars24 lays off 600 employees

SoftBank-backed Cars24 lays off 600 employees
Cars24

Softbank-backed Cars24, an e-commerce platform for pre-owned cars, has fired close to 600 employees and called it ‘business as usual’.

The company has about 9000 employees, of whom about 6.6 percent have now been laid off.

“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”, they added.

The company said its business is growing in India, the Middle East, Australia and other global markets in Asia.

The company also said that as part of our business strategy, we are aggressively hiring the right talent across all departments to create a strong talent pool.

“In the earlier year, we hired over 8000 people and 127 people in the month of April itself,” it added.

“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,” said, the spokesperson of CARS24. In December 2021, Cars24 had raised $400 million in funding round from Alpha Wave Global.

About Cars24

Cars24 is proud to be a tech-first organisation, looking to make inroads into the global auto-tech market in groundbreaking ways. They’ve taken a splintered used-vehicle market and turned it into a streamlined tech-driven one, with intuitive discovery mechanisms, collaborations with partners at the micro and macro levels, and constant innovation. The next-gen approach to the pre-owned automobile industry is here at Cars24.

On the surface, They are a cutting-edge e-commerce platform, making the purchase and sale of used vehicles as easy as any other online transaction. Delving deeper, They’re a global force in the auto industry, with connections to channel partners, auto dealers, refurbishers, garages, and auto experts in every country that they have presence in.

They started their journey in 2015. A mere 6 years later, here they are – 205 branches across India, presence in 182 Indian cities, channel partners, a new venture with BIKES24, and a new presence in UAE, Australia, Saudi Arabia, Thailand, and more to come! They’re advancing exponentially every year.

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