New Delhi, 26 April (IANS). Autotech Platform Cars 24 has trimmed around 200 employees as part of the reorganization exercise to meet its long -term goals.
The e-commerce platform of pre-oven vehicles said that this is a ‘difficult moment’.
Vikram Chopra, co-founder and CEO of Cars 24, said in a blog post, “In the last few weeks we have had to take a difficult decision to separate from our about 200 colleagues. Everyone affected has given this company their time, energy and trust. It matters a lot and we are really grateful to them.”
He dismissed this decision as an exercise to reduce the cost, saying, “Telling the team and structure to align with our long -term goals and fix it where we have lost attention.”
Cars 24 provide a variety of services, including the purchase-sale of old cars, financeing, insurance, driver-on-demand.
Chopra further said that in the last few months, “We realized that we got less than expected about some projects. Some roles were added very quickly. Some hypotheses did not prove to be correct during the test and in some cases, we could not give such growth or learning, whose people are really entitled.”
He said that there is no scope for any pruning at this time, as it was a specific reset rather than a rolling plan.
The company is providing access to resumes and linkedIn assistance, mentorship, emotional wellness resource and open rolls within its network for the affected people.
Online pre-oven car retailer platform recorded a loss of Rs 498 crore in FY 2024, while in FY 2023 it was Rs 468 crore, which is an increase of 6.4 percent.
According to the company’s financial data, in FY 2023, the company’s expenditure increased by 23.3 percent on an annual basis, which increased from Rs 6,053 crore to Rs 7,461 crore in FY 2023.
The company’s income increased by 25.1 percent to Rs 6,917 crore, which was Rs 5,530 crore in FY 2023.
Income from car sales increased by 24 percent to Rs 6,400 crore in the last financial year, which was Rs 5,164 crore in FY 2023.
In December 2021, the company raised $ 450 million on an evaluation of $ 3.3 billion. Its major investors include Alpha Wave, SoftBank, Tensent and DST Global etc.
-IANS
SKT/CBT
