The layoffs come amid Cars24’s efforts to streamline operations following a ₹498 crore net loss in FY24, despite a 25% increase in revenue to ₹6,917 crore.
Cars24 CEO Vikram Chopra“>
Cars24, an e-commerce platform for pre-owned vehicles, has laid off nearly 200 employees across various departments as part of a strategic restructuring exercise. The company clarified that the decision was not driven by cost-cutting but aimed at aligning its team and structure with long-term goals.
In a blog post titled “A Tough Moment and the Road Ahead,” Cars24 CEO Vikram Chopra described the layoffs as a “specific, intentional reset” rather than the beginning of a broader reduction plan. Chopra explained that some projects and roles introduced prematurely did not meet expectations, while others failed to deliver the desired outcomes. He emphasised the importance of being more strategic and deliberate in team-building and investments moving forward.
Cars24 is offering comprehensive support to affected employees, including severance packages, career assistance, mentorship, and access to job openings within its network. The company is also providing resources for emotional wellness to help employees navigate this transition.
The layoffs come amid Cars24’s efforts to streamline operations following a ₹498 crore net loss in FY24, despite a 25% increase in revenue to ₹6,917 crore.
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