Cars24 is to hire over 500 employees across verticals in the next quarter, which it declared on Friday. Cars24, an online marketplace for used cars, hires technical and non-technical related roles in its next growth stage.
Company layoff is when the company stops employing someone, sometimes temporarily, because of work or financial crisis. The main causes for the layoff were cost-reducing measures, mergers, loss of funds, technological advancement, and company relocation.
Olx, a renowned company worldwide and the classifieds unit of the internet group, Prosus, is planning to cut approximately 15 percent of its workforce globally, which would be around 1500 employees. As such, the laid-off from the Indian team could not be ascertained.
Cars24, an e-commerce player known for its pre-owned vehicles, recently planned to hire to advance to its next phase of expansion. The company had stated that they would recruit for both tech and non-tech roles and had opened positions in every department, including technology, product, data sciences, engineering, business, customer success, human resources, marketing, and sales.
Now the new hires would drive a crucial role in driving the next phase of growth at Cars24 as the company scales its expansion and operation further.
There would be significant hiring in the department’s roles related to business strategies, data scientists, software, frontend and backend engineers, product manager, human resource managers, and so on.
Vikram Chopra, the CEO and founder of Cars24, stated further in a press statement, “As though we scale our operations and expand further, we are looking out for bright and talented minds for various advance roles who share the similar work ethic values as us to join the team and thereby plays a pivotal role in driving the next phase of growth of the company.”
Last May, the Gurugram-based company laid off approximately 600 employees and set its IPO. Those were genuinely performance-linked exits that happen every year, Vikram Chopra, CEO and founder of Cars24, told in BQ Prime in August. At that time, he had said Cars 24 had more than half a billion dollars in the bank.
The company was “on track to be profitable by 2023,” he stated.”We have a clear aim to build this business profitably . It will take one and half years, but we have enough capital till then”.
Earlier last week, the company saw some high-profile exits, including its global CTO, Jitendra Agrawal, and the business head Kingshuk Sanyal who left the company to pursue other things.
Over the last few months, talent from one of the best-known global brands joined Cars 24 stated the company.
In December last year, Cars24 closed a $400 million round of funding, including a $300 million Series G equity round along with $100 million debt from the diversified financial institution.
Thus the company would be widening its wings and thus recruiting the youth with bright minds. Cars24 is an online marketplace where users sell and buy used acres, has over 1500 dealers, and owns over 1 million registered users.Cars24.com provides its customers with a wide range of services such as vehicle inspection, financing, insurance, car exchange, and so on.