Bengaluru: SoftBank and Alpha Wave Global-backed used car market marketplace Cars24 has laid off over 600 employees, according to people aware of the matter.
The layoffs have taken place across departments and roles, these people added. This is more than 6% of its total employee count of around 9,000.
With this, Cars24 joins a growing list of startups like Unacademy, Vedantu, and Meesho, which have fired employees to conserve cash amid a slowdown in funding and investor sentiment turning cautious.
ETtech
ET had reported on April 28 saying startups have begun to cut costs and run a tight ship after a record year of fundraise and aggressive expansion.
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