<p>E-commerce platform for pre-owned vehicles Cars24 has cut nearly 600 jobs in India, which the company on Thursday described as "performance-linked exits".</p>.<p>Cars24, which also has presence in the Middle East, Australia and Southeast Asia, employs around 9,000 people in India.</p>.<p>"This is business-as-usual performance-linked exits that happen every year," the company said when reached out for confirmation.</p>.<p>It did not elaborate on what are the positions mostly affected by the latest job cuts as a result of its annual performance review that happens around April-May.</p>.<p>In February this year, the company had announced its annual ESOP (Employee Stock Ownership Plan) buyback worth around Rs 75 crore to reward its employees.</p>.<p>In the last four years the company has consistently undertaken annual ESOP buyback initiatives for its existing and former employees with the value of total buyback standing around Rs 113 crore.</p>.<p>The company offers a digital platform for searching, buying, selling and financing online of pre-owned vehicles.</p>.<p>According to its website, Cars24 has around 205 branches across 182 major cities in India, and over 4 lakh customers have used its platform.</p>
<p>E-commerce platform for pre-owned vehicles Cars24 has cut nearly 600 jobs in India, which the company on Thursday described as "performance-linked exits".</p>.<p>Cars24, which also has presence in the Middle East, Australia and Southeast Asia, employs around 9,000 people in India.</p>.<p>"This is business-as-usual performance-linked exits that happen every year," the company said when reached out for confirmation.</p>.<p>It did not elaborate on what are the positions mostly affected by the latest job cuts as a result of its annual performance review that happens around April-May.</p>.<p>In February this year, the company had announced its annual ESOP (Employee Stock Ownership Plan) buyback worth around Rs 75 crore to reward its employees.</p>.<p>In the last four years the company has consistently undertaken annual ESOP buyback initiatives for its existing and former employees with the value of total buyback standing around Rs 113 crore.</p>.<p>The company offers a digital platform for searching, buying, selling and financing online of pre-owned vehicles.</p>.<p>According to its website, Cars24 has around 205 branches across 182 major cities in India, and over 4 lakh customers have used its platform.</p>