Used cars company Cars24 has laid off around 200 employees. The announcement comes days after Car24’s investment in Team-BHP, an Indian automotive news forum.
“Every person impacted gave this company their time, energy, and belief. That matters deeply, and we are genuinely grateful,” Vikram Chopra, CEO of Cars 24, stated in a blog post. “This is not about how hard someone worked. This is about the bets we placed and where we got it wrong.”
Chopra added that the layoffs were made not because of performance but structure. “We’ve always believed in moving fast. We’ve always pushed to build big. But the hard truth is: speed without enough clarity is expensive. And when the math doesn’t add up, it is on us to reset,” Chopra explained. “Over the last few months, we realised that some projects did not deliver what we expected. Some roles were added too early. A few hypotheses simply didn’t hold when tested. And in some cases, we couldn’t offer the kind of growth or learning that people truly deserve.”
Building on his previous statements, Chopra added that the company will focus on “rebuilding stronger, with clarity and care.” The CEO seems to be shifting towards reducing the number of projects and improving those still in operation. He has also stated that Cars24 will extend its resources to those who were impacted by the layoffs.
“We’re here for you, offering severance support, resume and LinkedIn assistance, mentorship, emotional wellness resources, and access to open roles within our network. Your managers and people team have already reached out to you. We are here for you, not just in words, but in action,” Chopra affirmed. “Our first priority is to ensure the smoothest possible transition for you and your families. If you are facing financial hardship, whether due to medical issues, family emergencies, or any other reason, please know you are not alone.”
Along with a newly created Compassion Fund, Cars24 is open to helping its employees in any way possible. Chopra accepted that the layoffs might shake the remaining employees’ confidence and urged them to be open with their questions, which he will do his best to answer.