India: CarDekho lays off 200 employees, slashes salaries for the rest

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Indian automobile classifieds portal CarDekho has retrenched around 200 employees amid the COVID-19 pandemic that has affected businesses across the country.

The Jaipur-headquartered company becomes the latest in the list of well-funded startups to adhere to job cuts as it undertakes measures to tide through the ongoing crisis. It has also initiated pay cuts across the board.

The development was first reported by news portal Entrackr.

CarDekho, which reportedly has over 5,000 employees including third-parties, is a car search venture that helps users buy cars. The company claims to have tie-ups with several auto manufacturers, over 4000 car dealers and numerous financial institutions to facilitate the purchase of vehicles.

CarDekho.com, which went live in 2008, is backed by investors including Google Capital, Tybourne Capital, Hillhouse Capital, Sequoia Capital, HDFC Bank, Ratan Tata and Times Internet.

Since the lockdown has been announced in India on March 25, the automobile sector in the country has seen no business. What’s making matters more uncertain is the lack of clarity over the next 6-8 months, with consumers preferring to pull their purse strings and adopting a ‘wait and watch’ policy.

CarDekho is said to have slashed salaries of those earning between Rs 2.5 lakh and 5 lakh by 12 per cent, while those getting between Rs 5 lakh and 15 lakh are said to get 15 per cent deducted salary from May to July, the Entrackr report added.

The company recently made headlines when it bought Indonesian media conglomerate Emtek Group existing 30 per cent in automotive website OTO.com for $7 million. OTO.com was formed as a joint venture between CarDekho and Emtek subsidiary KMK Online in 2015 with a 70:30  per cent share split.

CarDekho has operations in markets such as Malaysia, the Philippines, Indonesia, and UAE, apart from India.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.