Carousell, a Singaporean consumer-to-consumer (C2C) service platform working throughout Southeast Asia, is letting go of about 110 staff, or 10% of its complete headcount, in an effort to scale back prices amid a difficult market situation for the tech trade.
The announcement got here from the company’s blog on Thursday, posted by co-founder and CEO of Carousell Siu Rui Quek, saying, “I take duty for the choices which have led us right here. Parting with teammates, whom we’re grateful to for becoming a member of us on this mission, is a really tough determination.”
Carousell didn’t specify which enterprise models can be affected by the layoffs, however a spokesperson mentioned in an electronic mail assertion that about 50 roles in Singapore have been impacted. The Singapore-headquartered firm operates in Hong Kong, India, Malaysia, Indonesia, Myanmar, Taiwan, the Philippines, Vietnam, Taiwan and Myanmar.
Within the assertion, the corporate’s leaders had mentioned discovering methods, together with transferring to a cheap rental workplace and slashing co-founders and executives’ salaries voluntarily to save lots of budgets with out slicing workers. However that was “removed from sufficient,” it mentioned.
Quek additionally defined within the weblog publish that he “was too optimistic” concerning the restoration from the COVID pandemic and even doubled down on recruitment and funding for its enterprise. “The fact is that we have been fast to develop our bills and rent, however the returns took longer than anticipated,” Quek wrote. “You will need to act swiftly, course right, and proper dimension our funding ranges to higher align with this new actuality.”
The affected employees will obtain not less than three months’ wage and be capable of lengthen their medical advantages and insurance coverage protection by June subsequent yr. In accordance with the assertion, the corporate can even pay out all remaining day without work balances and supply profession counseling and job search assist, letting these laid-off employees hold their workplace laptop computer and LinkedIn Studying membership till June 2023.
Based in 2012, Carousell, backed by Sequoia Capital India, Naver, 500 International and Rakuten Capital, has raised a complete of $372.6 million since its inception, per Crunchbase.
This text was up to date to incorporate which workplace was impacted by the layoffs within the third paragraph.