Cars24, an e-commerce platform for buying and selling of used vehicles, has laid off around 600 employees in India. According to the company, this layoff has been done on the basis of performance.
The company said, “The layoffs are based on performance as usual, which happens every year.” However, Cars24 did not elaborate on whether the annual performance review is due around April-May. Which positions have been affected by the layoffs?
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Let us tell you that Cars24 employs around 9,000 people in the domestic market. The company also operates its business in South East Asia including West Asia and Australia. Founded in 2015, Cars24 helps consumers buy, sell and finance used cars.
Layoffs in many more startups as well: In recent months, several startups in different sectors have laid off employees to save capital. On Wednesday, online education platform Vedantu laid off 424 of its employees. In March and April, Unacademy laid off around 800 employees. Also earlier this year, edtech startup Lido Learning asked over 1,200 of its employees to resign.