The IPO-bound automobile marketplace Cars24 has fired  close to 600 employees citing poor performance, and not owing to any  cost cuts.

“This is business as usual — performance-linked exits that happen every year,” a company spokesperson said.

With these layoffs, Cars24 has let go of 6.6 percent of its total workforce of 9,000 staffers.

The company now joins the likes of a growing list of  startups like Unacademy, Vedantu, Meesho, Furlenco, Trell and OkCredit  which have fired employees

Globally, the used car retailing segment is valued at $100-billion currently.

The layoffs come at a time when Cars24 is looking to make its market debut in the next 18 to 24 months.