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Auto-tech platform Cars24 has laid off around 200 employees from various departments, including product and technology, as part of a strategic pullback from certain projects, sources reported, citing an internal message from co founder and CEO Vikram Chopra.
The layoffs come as the SoftBank-backed company continues to expand into new business areas.
Last week, CARS24 announced its acquisition of automotive forum website Team-BHP, signalling a broader diversification of its portfolio.
He explained that several projects failed to meet expectations, some roles were introduced prematurely, and a few hypotheses did not hold up when tested.
Vikram Chopra also mentioned that the company could not provide the level of growth or learning that some employees deserved, the news report said.
In March, Cars24 ventured into new car sales with the launch of a platform that aggregates dealerships and vehicle manufacturers.
The company also launched a super app in August last year to offer additional services like vehicle repairs, financing, on-demand chauffeur booking, insurance payments, and FASTag distribution.
This expansion aims to monetise the large consumer base built through its used-car sales platform.
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