Carsome lays off hundreds as unicorn eyes profitability

Teckwai SawTeckwai Saw2w ago

Carsome lays off hundreds as unicorn eyes profitability - BEAMSTART

Southeast Asian online used car marketplace, Carsome has reportedly cut hundreds of jobs across the region.

The layoffs are part of a cost-reduction strategy as the Malaysia's first tech unicorn aims for profitability ahead of a potential stock market listing.

According to sources, Carsome eliminated positions in several markets, with the deepest cuts occurring in Indonesia and Thailand where operations have been significantly scaled back since the company's 2017 expansion.

In total, Carsome employs around 4,000 people.

Last year, Carsome postponed plans for a dual initial public offering in Singapore and the US due to concerns that worsening economic conditions could lower its valuation.

However, Carsome's CEO stated the company expects to break even this year and achieve its first full year of profitability in 2024.

He added that Carsome is preparing to be IPO-ready so that it can list quickly when the opportunity arises.

Carsome declined to comment on specific job cut numbers but said adjustments are made to the workforce where necessary.

The company remains committed to investing in all current markets with plans to accelerate profitable growth in 2024.

Carsome, valued at US$1.7 billion, has raised over US$290 million from investors including the Qatar Investment Authority, Temasek Holdings, and several prominent Asian conglomerates.

BEAMSTART brings you the latest news, databases, and jobs from all around the world on startups, technology, and business. Stay updated with industry news, plug-in to exciting community events, and discover incredible career opportunities with the world's most innovative companies.

© Copyright 2023 BEAMSTART. All Rights Reserved.