Carousell Layoffs
December 2022
Carousell announced a layoff affecting 110 employees (10% of its workforce) in December 2022. The company operates in the Retail sector.
110
10%
Dec 1, 2022
About
Singapore-based online marketplace Carousell laid off 110 employees on December 1, 2022, representing 10% of its total workforce. Approximately 50 of these job cuts were in Singapore, with the remainder spread across its other regional markets. The layoffs, affecting several business units including performance marketing, were driven by the company's need to reduce costs amid dimmed growth prospects and economic challenges like high inflation and geopolitical risks. CEO Quek Siu Rui admitted to over-hiring and overly optimistic investment pacing during post-pandemic expansion. Affected regular employees received a minimum of three months' salary and extended benefits. Carousell operates in the e-commerce and classifieds industry across multiple Southeast Asian countries.
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