Cars24 lays off over 200 employees days after Team-BHP acquisition, CEO cites ‘wrong bets’ | Company Business News

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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 Cars24s rival Spinny recently concluded a fresh funding round of $131 million. 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. 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 Indias largest automotive platform Team-BHP.

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