Used car platform Cars24 has laid off over 200 employees as part of a major cost-cutting exercise. The job cuts have mainly impacted the product and technology teams. This move comes at a time when competition in the sector is heating up, with rival Spinny recently securing $131 million in fresh funding.
The layoffs are part of a broader restructuring effort after the company post reassessment of business priorities. Several projects reportedly fell short of expectations, leading to a re-evaluation of roles and responsibilities. Some functions were added earlier than necessary, while others failed to perform as per expectations. As a result, Cars24 decided to let go of employees across multiple functions to align better with its revised goals.
Affected staff members have been promised severance packages, career support including resume building and LinkedIn assistance, mentorship opportunities, emotional wellness resources, and access to job openings within the company’s wider network.
The layoffs closely follow Cars24’s acquisition of Team-BHP, one of India’s largest automotive platforms. The acquisition was seen as a step toward building a more trusted auto ecosystem in the country.
Meanwhile, Vikram Chopra, CEO, Cars24, has remained a prominent figure in public discussions. Last year, he made headlines with his encouragement of Bengaluru-based workers to move to Delhi. He posted on X (formerly Twitter) about linguistic challenges in southern India. His comments about not speaking Kannada and inviting employees to Delhi stirred a debate on inclusivity and workplace culture.
Cars24’s latest moves highlight the growing pressures in the used-car marketplace as companies adapt to changing business realities and heightened competition.
