Cars24 fires 600 employees across various departments

The layoffs have taken place across departments and roles, these people added. This is more than 6% of its total employee count of around 9,000.

With this, Cars24 joins a growing list of startups like
Unacademy,
Vedantu, and
Meesho, which have fired employees to conserve cash amid a slowdown in funding and investor sentiment turning cautious.

ET had reported on April 28 saying startups have begun to cut costs and run a tight ship after a record year of fundraise and aggressive expansion.

Cars24 had last closed a $400 million financing led by Alpha Wave Global in December. This included a $100 million debt component. The company’s valuation jumped three times to $3.3 billion after the funding round.

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