India, April 26 -- Used car marketplace CARS24 has laid off around 200 employees across various departments as part of its restructuring exercise aimed at streamlining operations.

CARS24 cofounder Vikram Chopra confirmed in a blog post that employees across various functions have been affected by the restructuring activity.

"Over the past few weeks, we have had to make the difficult decision to part ways with around 200 of our teammates across various functions," the post read.

Entrackr reported the development first.

Chopra further said that certain projects did not deliver as expected over a few months which resulted in hiring for few roles too early in the stage.

"We've always believed in moving fast. We've always pushed to build ...