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Cars24 lays off 200 employees amid strategic reset, continues expansion
Auto-tech platform Cars24 has laid off around 200 employees from various departments, including product and technology, as part of a strategic pullback from certain projects, The Economic Times reported, citing an internal message from co founder and CEO Vikram Chopra.
The layoffs come as the SoftBank-backed company continues to expand into new business areas. Last week, CARS24 announced its acquisition of automotive forum website Team-BHP, signalling a broader diversification of its portfolio.
In his internal note, Chopra said, 'Over the past few weeks, we have had to make the difficult decision to part ways with around 200 of our teammates across various functions.'
He explained that several projects failed to meet expectations, some roles were introduced prematurely, and a few hypotheses did not hold up when tested. Chopra also mentioned that the company could not provide the level of growth or learning that some employees deserved, the news report said.
He further assured that severance support was being provided to those impacted by the layoffs. The CEO reassured the team that no additional layoffs were planned, calling the decision a 'specific, intentional reset' and clarifying that it was not part of a broader, ongoing reduction plan.
Expansion into new car sales and additional services
In March, Cars24 ventured into new car sales with the launch of a platform that aggregates dealerships and vehicle manufacturers. The company also launched a super app in August last year to offer additional services like vehicle repairs, financing, on-demand chauffeur booking, insurance payments, and FASTag distribution. This expansion aims to monetise the large consumer base built through its used-car sales platform.
CARS24 acquires Team-BHP
Despite the acquisition, Team-BHP will continue to function independently under its founding team, maintaining its strict no-sponsored-content policy, rigorous moderation, and community-first philosophy. CARS24 aims to support the platform by enhancing its product offerings, technology, and artificial intelligence tools to further enrich the user experience.
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