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Cars24 to Vedantu, start-up lay-offs accelerate on capital crunch worries

Falling valuations, slowing funding rounds add to woes; move aimed at conserving cash and shore up profitability

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Cars24 is just one among a growing list of start-ups like Vedantu, Unacademy and Meesho and others, which have fired employees recently.

Peerzada Abrar Bengaluru
Falling valuations, slowing funding rounds and faltering investor sentiment seem to have prompted many start-ups to lay off employees in a bid to conserve cash. The latest to do so is SoftBank-backed Cars24, a leading e-commerce platform for pre-owned vehicles, which has laid off over 600 staff, according to sources in the know.

The move, they said, is aimed at conserving cash amid cautious investor sentiment and a slowdown in funding.

The layoffs, which constitute more than 6 per cent of the company’s total employee strength of around 9,000, have taken place across departments and roles. Cars24 confirmed the layoffs but declined

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First Published: May 20 2022 | 6:03 AM IST

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