Laid off 600 employees due to poor performance: CARS24

New Delhi: CARS24 has laid off nearly 600 employees reasoned on Thursday that the move wasn't about to "cost cuts" but the employees' poor performance, IANS reported.

In a statement, "This is business as usual as these are performance-linked exits that happen every year," the company said, which has a 9,000 strong workforce and continues hiring globally. It also said that its business is growing in India, the Middle East, Australia and Southeast Asia.

In December last year, CARS24 closed a $400 million round of funding, including a $300 million Series G equity round alongside $100 million debt from diversified financial institutions. Its platform is valued at $3.3 billion, which is double the valuation of its last round in September 2021.

The statement said that CARS24 has built multiple state-of-the-art 'Mega Refurbishment Labs,' using its latest technological advances. Thus it created "new industry benchmarks for high-quality used cars", it said. Enhancing its superior technology, it will build a gold standard for quality used cars globally, it added.

Recently, it announced its launch of seven 'Mega Refurbishment Labs' (MRLs) in India, which is an industry first. The announcement also included the launch of an MRL in the UAE, which is among Dubai's largest ever commercial leasing deals.

Meanwhile, Co-founder & CEO Vikram Chopra said, "CARS24 has aggressive plans for 2022. We are witnessing greater acceptance amongst customers across the globe for our platform when purchasing their next car."

"As we continue to build the best infrastructure for the future with an end-to-end digital customer experience, we are confident that this will delight our customers with our high-touch industry experience," he added.