Singapore-based e-commerce platform Carousell lays off 10% of staff • TechCrunch & More Trending News


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

I’ve made it my mission to maintain you recent on all the newest happenings on the planet as of proper now, within the yr 2022, by means of this web site, and I’m sure that you’re going to discover this to be an pleasing expertise. Regardless of what the newest information might must say, it stays a subject of intense curiosity.

It has all the time been our objective to speak with you and give you up-to-date information and details about the information without spending a dime. information about electrical energy, levels, donations, Bitcoin buying and selling, actual property, video video games, shopper traits, digital advertising and marketing, telecommunications, banking, journey, well being, cryptocurrency, and claims are all included right here. You maintain seeing our messages as a result of we labored onerous to take action. Due to the wide range of content material varieties, please don’t hesitate to

Singapore-based e-commerce platform Carousell lays off 10% of staff • TechCrunch

I’m sure you may discover the information I’ve ready and despatched out to be attention-grabbing and helpful; going ahead, we wish to embrace recent options tailor-made to your pursuits each week.

data with out going by means of us first, so we will present you the newest and biggest information with out costing you a dime. The two of chances are you’ll be taught the specifics of the information collectively, providing you with a leg up. We’ll get to the following step when slightly time has gone.

Our objective is to maintain you recent on all the latest information from across the globe by posting related articles on our web site, so that you could be all the time be one step forward. In this way, you may by no means fall behind the newest developments in that information.

Singapore-based e-commerce platform Carousell lays off 10% of staff • TechCrunch

The information tales I’ve shared with you’re both utterly authentic or shall be utterly authentic to you and your viewers. Moreover, I’ve made all of this information accessible to each one of you, together with Trending News, Breaking News, Health News, Science News, Sports News, Entertainment News, Technology News, Business News, and World News, so that you could be all the time be within the know, all the time be one step forward of the state of affairs, and all the time get as we speak’s information. The path that’s two steps forward of the present one ought to all the time be taken.

Read Entire Article?

Scroll to Top