Girnar Soft, the parent company of auto portals CarDekho.com, Gaadi.com and Zigwheels.com has fired 60 employees; as the company realigns its management and resources to focus on its core areas. This development was first reported by NextBigWhat; however, as per its report, more than 300 employees have been laid off.
Clearing the air about this not being a mass-layoff, Amit Jain, CEO and Co-founder, Girnar Soft, said “While we sit at a peak bank balance with some of the most reputed investors backing us, we recognise that this is an important time for our company to focus on core businesses. So in the course of managing better for success, we are internally realigning our management and resources to focus on core areas where we have the best bets for success. As part of this realignment, 60 positions have been impacted.”
Girnar Soft team strength grew from 1,200 in March 2015 to 3,000 in March 2016. Amit pointed out that this layoff doesn’t mean that the company has stopped hiring. It plans to increase its team strength to 3500 by the end of the first quarter of 2016-17.
He also mentioned that 2015-16 has been the best year for the company. Highlighting the highs of the company, he added, “After hitting record numbers in 2014-15, we again doubled our revenue and traffic and launched several new verticals across the company. We made some strategic acquisitions to bolster our scale and capabilities through the year. We’re confident that our company is the most stable startup in the country; we burn the least when compared to any other startup of our size.”
Girnar Soft is an ISO 9001 certified IT company that works on offshore products and outsourced software development. It aims to become a multi-billion dollar company by 2020 with a global presence.
Last month, the company raised an undisclosed amount from Google Capital and its existing investor Hillhouse Capital. In 2015, the company raised multiple rounds – the most significant one being the round worth $50 Mn raised from Hillhouse, Tybourne and Sequoia Capital in January, at a valuation of $300 Mn. The company also counts Ratan Tata, HDFC Bank, and Times Internet as its investors. Girnar Soft’s most recent acquisition was that of a road-side assistance company called Help On Wheels, in an all cash deal in April 2016.