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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 corporate’s weblog on Thursday, posted by co-founder and CEO of Carousell Siu Rui Quek, saying, “I take accountability for the selections 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 troublesome resolution.”
Carousell didn’t specify which enterprise models or regional places of work 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.
Within the assertion, the corporate’s leaders had mentioned discovering methods, together with shifting to a reasonable 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 had 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 measurement our funding ranges to higher align with this new actuality.”
The affected employees will obtain at the very least three months’ wage and be capable to lengthen their medical advantages and insurance coverage protection via June subsequent 12 months. Based on the assertion, the corporate will even pay out all remaining break day balances and supply profession counseling and job search help, 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 World, and Rakuten Capital, has raised a complete of $372.6 million since its inception, per Crunchbase.
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