As the company strives for profitability, Quek Siu Rui, the CEO, and co-founder of Carousell, announced that 110 employees, or about 10% of its overall workforce, will be let go.
In a memo to staff members, Quek admitted that he had been “too optimistic” about the firm’s impact’s rate of progress in comparison to its “increase in investments.” The business’s costs and hiring efforts, he claimed, rose quickly, but profits “took longer than expected.”
The CEO also mentioned how Carousell’s growth efforts were hindered by the current depressing macroeconomic environment.
For each year of service, Carousell will provide impacted employees with a minimum of three months’ pay. They will be able to prolong their medical and insurance coverage until June 30, 2023, as well as using paid time off.
The change happened as a result of Carousell reporting US $49.5 million in revenue in 2021. A long cry from the company’s revenue in 2020, which was quadruple what it made in 2019, it represents a year-over-year gain of 21.8%.
