This report has been updated with a direct comment from Cars24 CEO Vikram Chopra to the AIM Group

The CEO of Cars24, a used-car buying service in India, says “rubbish” to a report by Entrackr that it has laid off more than 300 employees during the past few months.

Vikram Chopra, Cars24 CEO, replied to a question from AIM Group analyst Prabhu Gowda about the report of layoffs.

“It’s rubbish, and we have taken it up very seriously with these guys,” he said in an email.

Entrackr, a site that follows entrepreneurial businesses, reported the company has eliminated several hundred in consumer finance, operations and marketing, plus its tech team of about 16 people in Bengaluru. The site said the information came from “multiple sources inside and outside Cars24.” It said “about 70-80 people were laid off from the (Cars24) listing business.”

CEO Vikram Chopra told Entrackr “no layoffs have taken place. … We have asked few people to leave as a part of the performance assessment process, but nothing else. These numbers are unreal and we have no reason to engage in lay-offs.”

Entrackr said Cars24 was unable to complete funding rounds it had hoped for.

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