Job Cuts: Big Announcement….! The co-founder and CEO of the company said that in the last few weeks we have decided to lay off about 200 of our employees.
Cars24 Lays Off: Autotech company Cars24 has laid off 200 employees. The CEO of the company has said that this is a tough time for a company. Vikram Chopra, co-founder and CEO of Cars24, said that in the last few weeks we have decided to lay off about 200 of our employees. Each person affected by the layoff gave their time, energy and trust to this company. It means a lot and we are truly grateful to them.
Cars24 offers a variety of services, including buying and selling of used cars, financing, insurance, driver-on-demand. According to the report, the company has taken this decision as part of a restructuring exercise to meet its long-term target.
The company’s CEO Vikram Chopra dismissed the decision as a cost-cutting exercise and said that the decision was taken to fix the team and structure to meet our long-term targets.
No scope for any layoffs again: CEO
Chopra further said that in the last few months, “we realized that we got less than we expected on some projects. Some roles were added too early. Some hypotheses did not prove to be correct during testing and in some cases, we were not able to provide the kind of growth or learning that people really deserve.”
He said that there is no scope for any layoffs again at this time, as this was a specific reset and not the beginning of a rolling plan. For those affected, the company is providing resume and LinkedIn support, mentorship, emotional wellness resources and access to open roles within its network.
Loss rises to Rs 498 crore
The online pre-owned car retailer platform reported a loss of Rs 498 crore in FY24 as against Rs 468 crore in FY23, an increase of 6.4 per cent.
According to the company’s financial data, the company’s expenditure increased by 23.3 per cent year-on-year to Rs 7,461 crore in FY23 from Rs 6,053 crore in FY23. The company’s income grew by 25.1 per cent to Rs 6,917 crore from Rs 5,530 crore in FY23.
Income from car sales grew 24 per cent to Rs 6,400 crore in the last fiscal from Rs 5,164 crore in FY23. In December 2021, the company raised $450 million at a valuation of $3.3 billion. Its major investors include Alpha Wave, SoftBank, Tencent and DST Global, etc.
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