New Delhi, April 27 -- Used car platform Cars24 has laid off more than 200 staff as part of its cost-cutting measures in product and technology verticals. The layoffs come as Cars24's rival Spinny recently concluded a fresh funding round of $131 million.

The news of Cars24's layoffs was first reported by Entrackr, and many other details surrounding the company's layoff of over 200 employees have since emerged.

Cars24 founder and CEO Vikram Chopra in a blogpost said, "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.This is not about how hard someone worked. This is about the bets we placed and where we got it wrong."

"We realised that some project...