E-commerce platform Carousell announced it will be laying off about 110 employees or 10 percent of the group’s total headcount to reduce costs.
Carousell is a Singaporean smartphone and web-based consumer-to-consumer and business-to-consumer marketplace for buying and selling new and secondhand goods.
Headquartered in Singapore, it also operates in Malaysia, Indonesia, the Philippines, Cambodia, Taiwan, Hong Kong, Macau, Australia, New Zealand and Canada.
The announcement came from the company’s blog on Thursday.
Siu Rui Quek, co-founder and CEO of Carousell, said that he takes responsibility for the “decisions that have led us here”.
Carousell did not specify which business units or regional offices would be affected by the layoffs.
“Emails will be sent to everyone in affected business units, clarifying if your role was impacted,” he said in a statement.
In the statement, the company’s leaders had discussed finding ways, including moving to an inexpensive rental office and slashing co-founders and executives’ salaries voluntarily to save budgets without cutting staff. But that was “far from enough,” it also said.
Mr. Quek said this was a “very difficult decision”.
The company will offer 1 month of salary for every year of service, rounded up to the nearest half year, to each impacted employee.
Founded in 2012, Carousell, backed by Sequoia Capital India, Naver, 500 Global and Rakuten Capital, has raised a total of $372.6 million since its inception, As per the Crunchbase.