Following Vedantu, Unacademy, and Meesho, Cars24, an upcoming IPO, has laid off about 600 staff in the last few weeks. Across divisions, the startup has primarily laid off people in lesser levels.
According to the article, the company employed roughly 9,000 people before the layoffs. According to these people, layoffs have occurred across departments and roles.
In December of last year, Cars24 secured a USD 400 million financing headed by Alpha Wave Global, which included a USD 100 million loan component. Following the funding round, the company’s valuation tripled to USD 3.3 billion.