Carousell, a Singaporean consumer-to-consumer (C2C) service platform working throughout Southeast Asia, is letting go of about 110 workers, or 10% of its complete headcount, in an effort to cut back prices amid a difficult market situation for the tech business.
The announcement got here from the corporate’s weblog on Thursday, posted by co-founder and CEO of Carousell Siu Rui Quek, saying, “I take responsibility for the decisions that have led us here. Parting with teammates, whom we are grateful to for joining us on this mission, is a very difficult decision.”
Carousell didn’t specify which enterprise items or regional workplaces could be affected by the layoffs. The Singapore-headquartered firm operates in Malaysia, Indonesia, the Philippines, Cambodia, Taiwan, Hong Kong, Macau, Australia, New Zealand and Canada.
In the assertion, the corporate’s leaders had mentioned discovering methods, together with shifting to a cheap rental workplace and slashing co-founders and executives’ salaries voluntarily to save lots of budgets with out reducing staff. But that was “far from enough,” it stated.
Quek additionally defined within the weblog put up that he “was too optimistic” concerning the restoration from the Covid pandemic and even doubled down on recruitment and funding for its enterprise. “The reality is that we were quick to grow our expenses and hire, but the returns took longer than expected,” Quek wrote. “It is important to act swiftly, course correct, and right size our investment levels to better align with this new reality.”
The affected employees will obtain no less than three months’ wage and have the ability to prolong their medical advantages and insurance coverage protection by means of June subsequent yr. According to the assertion, the corporate may even pay out all remaining time off balances and supply profession counseling and job search assist, letting these laid-off employees maintain their workplace laptop computer and LinkedIn Learning membership till June 2023.
Founded in 2012, Carousell, backed by Sequoia Capital India, Naver, 500 Global, and Rakuten Capital, has raised a complete of $372.6 million since its inception, per Crunchbase.
Singapore-based e-commerce platform Carousell lays off 10% of staff • TechCrunch
Singapore-based e-commerce platform Carousell lays off 10% of staff • TechCrunch
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Singapore-based e-commerce platform Carousell lays off 10% of staff • TechCrunch