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Used Cars Platform Cars24 Lays Off Nearly 600 Employees In India

Cars24 is a digital platform for purchasing and promoting pre-owned autos.

New Delhi:

E-commerce platform for pre-owned autos Cars24 has reduce practically 600 jobs in India, which the corporate on Thursday described as “performance-linked exits”.

Cars24, which additionally has presence within the Middle East, Australia and Southeast Asia, employs round 9,000 individuals in India.

“This is business-as-usual performance-linked exits that happen every year,” the corporate stated when reached out for affirmation.

It didn’t elaborate on what are the positions principally affected by the newest job cuts on account of its annual efficiency evaluation that occurs round April-May.

In February this yr, the corporate had introduced its annual ESOP (Employee Stock Ownership Plan) buyback price round Rs 75 crore to reward its staff.

In the final 4 years the corporate has constantly undertaken annual ESOP buyback initiatives for its current and former staff with the worth of complete buyback standing round Rs 113 crore.

The firm gives a digital platform for looking, shopping for, promoting and financing on-line of pre-owned autos.

According to its web site, arrange in 2015 Cars24 has round 205 branches throughout 182 main cities in India, and over four lakh clients have used its platform.

(This story has not been edited by NDTV employees and is auto-generated from a syndicated feed.)

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