Cars24 lays off over 200 employees days after Team-BHP acquisition, CEO cites ‘wrong bets'
Used car platform Cars24 has laid off more than 200 staff as part of its cost-cutting measures in product and technology verticals. The layoffs come as Cars24's rival Spinny recently concluded a fresh funding round of $131 million.
The news of Cars24's layoffs was first reported by Entrackr, and many other details surrounding the company's layoff of over 200 employees have since emerged.
Cars24 founder and CEO Vikram Chopra in a blogpost 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…This is not about how hard someone worked. This is about the bets we placed and where we got it wrong.'
'We realised that some projects did not deliver what we expected. Some roles were added too early. A few hypotheses simply didn't hold when tested. And in some cases, we couldn't offer the kind of growth or learning that people truly deserve. It is easy to blame the market or external factors. But the responsibility is ours,' Chopra added.
Chopra added that employees would receive severance support, a resume, help with LinkedIn, mentorship, emotional wellness resources, and open positions within the network.
In the days leading up to the layoffs, Cars24 acquired India's largest automotive platform Team-BHP. Chopra had called that move a 'small but meaningful step toward a more trustworthy auto ecosystem in India.'
Chopra had grabbed the limelight last year, when he sparked a debate on linguistic identity and inclusivity in the workplace by asking Bengaluru-based workers to come to Delhi.
"Still can't speak Kannada after years in Bengaluru? It's okay. Aa jao Dilli (come to Delhi)." A post by Chopra on X (formerly Twitter) read.
'If you wish to come back, write to me at vikram@cars24.com with the subject - Delhi meri jaan ♥️' the Cars24 CEO added.
First Published: 27 Apr 2025, 11:51 AM IST
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