Carousell cuts 10% of total headcount

A total of 110 roles were laid off.

Carousell Group cut back 10% of its total headcount to save cost, translating to a reduction of about 110 roles. 

“In the next few minutes, emails will be sent to everyone in affected business units, clarifying if your role was impacted. For those impacted, the email will be a calendar invite to a meeting today with a leader in your team and a HR business partner,” co-founder and CEO Quek Siu Rui said.

“I am deeply sorry for this outcome, and I take responsibility for the decisions that have led us here.”

Read more: Carousell buys Indonesian electronics recommerce platform

The employees who will be laid off will be entitled to a 1 month salary for every year of service, rounded up to the nearest half year. 

Carousell will also encash all paid time-off balances and waive claw-backs on sign-on or retention bonuses and relocation support amongst others. 

Quek cited the company’s initiatives to make selling and buying more convenient and turn secondhand options as the first choice. 

“The reality is that we were quick to grow our expenses and hire, but the returns took longer than expected,” he said, adding that he also underestimated the impact of growing the team size too quickly. 

Moreover, the company was also hit by the worsening macroeconomic environment.