Cars24, a Softbank-backed used car retailer, has laid off more than 600 workers in the past few weeks in a cost-cutting exercise as the company looks set to go public in a few months, according to two acquaintances.

Cars24, which counts venture capital firms like Alpha Wave Global, DST Global and Falcon Edge as its backers, has laid off employees in various departments, most of them in lower positions, including a few physical stores, and people have asked not to be named.

“Cars24 has been looking to cut costs as new investors get nervous about its cash burn,” said one of the people cited above.

“The company is looking to go public in the next few months as some early investors are looking to exit. Looking at the public markets and how they are selling new-age tech companies due to high cash burn and low profitability, the company is looking at lowering costs,” the person added.