Latest news with #Team-BHP
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Business Standard
26-04-2025
- Automotive
- Business Standard
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.
Hans India
23-04-2025
- Automotive
- Hans India
Used Car Platform Cars24 Purchases Team-BHP, Enhances User Experience
Cars24, an online used-car marketplace, said Wednesday that it has acquired Team-BHP, India's leading automotive discussion forum. Team-BHP, launched in 2004, provides a platform for car and bike owners to share reviews, maintenance tips, and road-trip experiences. The forum, which enforces a zero-sponsored content policy and strict moderation, will continue under its founding team's management, Cars24 said. Vikram Chopra, founder and CEO of Cars24, described the move as a long-term investment in India's auto ecosystem. He said Cars24 plans to integrate its technology and data capabilities with the forum to enhance member engagement and information quality. Rush Parekh, founder of Team-BHP, said the partnership will allow the forum to scale its operations and add new features. Parekh added that Team-BHP will maintain its community-first approach and independent editorial standards. Cars24 said it will work with Team-BHP to upgrade platform features, improve user navigation, and introduce analytics tools. The company emphasized that all content will remain free of commercial influence and continue to be moderated by volunteer members. The acquisition follows a trend of used-car marketplaces buying automotive content platforms. In recent months, Spinny acquired Haymarket Media's Indian titles, including Autocar India and What Car? India, while CarDekho bought the automotive channel PowerDrift in 2018. Industry data show that 5.1 million used cars were sold in India in fiscal 2023, generating $34 billion in retail value. The Indian used-car market is projected to reach $73 billion and facilitate 10.9 million sales by fiscal 2028, according to the Indian Blue Book report. Cars24, which last year expanded into new-car aggregation, said the Team-BHP acquisition supports its strategy to offer a comprehensive, single-platform experience for vehicle buyers and sellers.
