Used car e-commerce unicorn Cars24 lays off 600 employees to cut cost

IPO-bound automobile marketplace Cars24 has laid off around 600 employees in the past couple of weeks. The startup has mostly laid off employees from lower positions across divisions. A report hinted that most of the layoffs had taken place because the startup was looking forward to further automating operations and cut cost. With this layoffs, Cars24 has let go 6.6% of its total employee count of around 9,000 staff.