Cars24, a pre-owned e-commerce portal, reported that about 600 employees were let go due to poor performance rather than “cost reduction.” The company, which employs almost 9,000 people globally and is in the midst of employing more, described its business in India, the Middle East, Australia, and Southeast Asia as “business as usual.”
“This is business as usual,” the company said in a statement shared with IANS. “These are performance-linked exits that happen every year.”
CARS24 raised $400 million in December of last year, combining a $300 million Series G equity round and $100 million in debt from a number of financial institutions. The platform was valued at $3.3 billion, nearly doubling its previous round of funding in September 2021.
CARS24 has established many state-of-the-art ‘Mega Refurbishment Labs,’ generating “new industry benchmarks for high-quality secondhand automobiles” by using the latest technological advancements. The brand CARS24 stated that it will continue to improve its outstanding technology and establish a global gold standard for high-quality used automobiles.
The company recently announced the opening of seven ‘Mega Refurbishment Labs’ (MRLs) in India, a first in the industry, and one MRL in the UAE, which is one of Dubai’s largest commercial leasing deals ever.
“CARS24 has aggressive plans for 2022. We are witnessing greater acceptance amongst customers across the globe for our platform when purchasing their next car,” Vikram Chopra, Co-founder & CEO of CARS24 had said.
“As we continue to build the best infrastructure for the future with an end-to-end digital customer experience, we are confident that this will delight our customers with our high-touch industry experience,” Chopra added.