Layoffs: Cars24 snatched away the jobs of 200 employees in one fell swoop, gave this reason for layoff

Cars24 has laid off 200 employees. The company’s co-founder Vikram Chopra has confirmed this. Last year too, 30 startups had laid off more than 9000 employees.

New Delhi. The process of laying off employees by Indian startups continues. Now Cars24, a company engaged in buying and selling of old cars, has done layoffs. Cars24 has laid off about 200 employees from its various departments. It is worth noting that last year also about 30 startups had shown the way out to more than 9000 employees. Of these, 60 percent had laid off employees in the name of cost cutting. Cars24 has also received funding from SoftBank. The company says that the employees being laid off are being given outplacement services as well as severance packages.

Founded in 2015 by Vikram Chopra, Ruchit Aggarwal, Gajendra Jangid and Mehul Aggarwal, Cars24 is an online marketplace for buying and selling old cars. Earlier this year, the startup also entered the ‘new car’ market. Just a few days ago, the company acquired the domestic automotive forum Team-BHP. However, the company has not yet made an official announcement about it.

Co-founder confirms layoffs

Cars24 co-founder Vikram Chopra has confirmed the layoffs. Vikram Chopra has given this information in a blog post. He says that employees of various departments have been affected due to restructuring activity in the company. Chopra wrote, “Over the last few weeks, we have had to make the difficult decision to separate from about 200 of our colleagues across various functions.” Chopra said that in the last few months some projects did not give the expected results, as a result of which some positions had to be recruited in a hurry.

Chopra wrote, ‘We have always believed in moving fast. We have always tried to build something big. But the bitter truth is that speed without clarity is very expensive. And when the math doesn’t add up, it’s our job to reset it.’

The post Layoffs: Cars24 snatched away the jobs of 200 employees in one fell swoop, gave this reason for layoff first appeared on informalnewz.

News