Girnar Soft, the parent company of CarDekho has laid off employees with immediate effect. The company currently employs more than 2000 individuals.
Sequoia backed GirnarSoft has cited cost cutting as the reason for this step and asked its employees to leave immediately with no notice period, according to sources.
The company has confirmed the layoff to NextBigWhat team.
Founded in 2007 by Amit Jain, Girnar Soft launched Cardekho in 2008. In last two years the company acquired five startups including Drishya360, Gaadi.com, Zigwheels, BuyingIQ, Help On Wheels.
Recently, the company also raised an undisclosed amount of funding from Google Capital with participation from existing investor Hillhouse Capital.
There is no mass lay-offs. GirnarSoft has grown from a 1,200 strong team in March 2015 to 3,000 in March 2016, and we are continuing to hire. By the end of the first quarter of 2016-17 we will be a 3,500 member team. While we sit at a peak bank balance with some of the most reputed investors backing us, we recognize that this is an important time for our company to focus on core businesses. So in the course of managing better for success, we are internally realigning our management and resources to focus on core areas where we have the best bets for success. As part of this realignment, 60 positions have been impacted.
2015-16 has been the best year for GirnarSoft. After hitting record numbers in 2014-15, we again doubled our revenue and traffic and launched several new verticals across the company. We made some strategic acquisitions to bolster our scale and capabilities through the year. We’re confident that our company is the most stable start-up in the country; we burn the least when compared to any other start-up of our size. [Amit Jain, CEO and Co-founder, GirnarSoft]