Cars24 asks 600 employees to leave on basis of 'poor performance'

Pre-owned e-commerce platform Cars24 said that around 600 employees have been let go based on their poor performance and not owing to any "cost cuts".

Pre-owned e-commerce platform CARS24 on Thursday said that around 600 employees have been let go based on their poor performance and not owing to any "cost cuts".

Calling it "business as usual", the company. which has nearly 9,000-strong workforce, and is in the process of hiring more globally, said its business is actually growing in India, the Middle East, Australia and Southeast Asia.

"This is business as usual as these are performance-linked exits that happen every year," the company said in a statement shared with IANS.

In December last year, CARS24 closed a $400 million round of funding, including a $300 million Series G equity round alongside $100 million debt from diversified financial institutions.

The platform was valued at $3.3 billion, about double the valuation from its previous round in September 2021.

Leveraging the latest technology advances, CARS24 has set up multiple state-of-the-art 'Mega Refurbishment Labs,' thus creating "new industry benchmarks for high-quality used cars".

CARS24 said it will continue to enhance its superior technology and build a gold standard for quality used cars globally.

The company recently announced the launch of seven 'Mega Refurbishment Labs' (MRLs) in India -- an industry first, and one MRL in the UAE which is among Dubai's largest ever commercial leasing deals.

"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, 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.