Carousell, a Singaporean consumer-to-consumer (C2C) service platform operating in Southeast Asia, is laying off around 110 employees, or 10% of its total headcount, in an effort to cut costs amid a challenging market condition for the technology industry. Carousell did not specify which business units or regional offices would be affected by the layoffs.
The Singapore-based company operates in Malaysia, Indonesia, the Philippines, Cambodia, Taiwan, Hong Kong, Macau, Australia, New Zealand and Canada. The company’s leaders have discussed finding ways, including moving to a cheap rented office and voluntarily cutting the salaries of co-founders and executives to save money on the budget without staff cuts, the statement said. But this is “far from enough,” it said.
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Carousell continues to offer support to laid-off workers
Affected workers will receive at least three months’ salary and will be able to extend their health benefits and insurance coverage until June next year. The company will also pay all remaining leave balances, offer career counseling and job search support, and allow laid-off employees to keep their office laptops and LinkedIn Learning membership until June 2023, according to the statement.
Founded in 2012 and backed by Sequoia Capital India, Naver, 500 Global and Rakuten Capital, Carousell has raised a total of $372.6 million since its inception.