Used-carar eCommerce unicorn Cars24 lays-off 600 employees to cut cost

After Vedantu, Unacademy and Meesho, now automobile marketplace Cars24 has laid off around 600 employees in the past couple of weeks. The startup has mostly laid off employees from lower positions across divisions. With this layoffs, Cars24 has let go 6.6% of its total employee count of around 9,000 staff.

The layoffs come almost five months after it raised $400 million at a valuation of $3.3 billion led by Alpha Wave Global. Prior to this round, it had raised $450 million from DST Global, Falcon Edge and SoftBank Vision Fund at a $1.8 billion valuation.

The startup is eyeing for an IPO in the next 18 to 24, thus joining the list of Indian startups waiting to taste the public market. Cars24’s Singapore entity had converted into a public company late last year.

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