Carousell Grew Revenue Grew 67% As Losses Widened 50% in 2022

July 31, 2023
Share this Post: 

The Southeast Asian e-commerce and classifieds company Carousell saw revenue rise 67% in 2022 while losses widened by more than 50%.

According to company filings seen by local publication Deal Street Asia, The Singapore-based firm logged $82.5 million in revenue and loss for the year of %63 million.

The results go some way to explaining why the company laid off 110 employees representing 10% of its total workforce in December 2022.

Carousell operates general classifieds sites in eight countries in the region including the popular Cho Tot platform in Vietnam and Mudah in Malaysia. Around 50% of the company's revenues in 2022 came from its classifieds advertising business with the segment growing 27% over the year while e-commerce grew significantly to account for over a quarter of revenue ($24 million).

In 2022 Carousell was reportedly engaged in talks to merge with regional real estate portal player 99 Group to form a joint challenge to the region's top real estate player, PropertyGuru. The talks ultimately came to nothing after Carousell's plans to go public via a SPAC fell through.

July 31, 2023
Since March 2020 Edmund's job has been to read about, write about, collect data on, analyse and generally know about real estate marketplaces and the companies that run them. Before that he worked at the aggregator Mitula Group (which became Lifull Connect) for five years.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Shutterstock 120120670
Zillow and CoStar Share Prices Shift on News of NAR Shock Settlement

The trajectories of real estate portals in the United States may be about to diverge as the National Association of...

Read More
Shutterstock 1454624438
U.S. Portal Operator OJO Labs Acquires The LEAD Syndicate

The U.S. PropTech operator OJO Labs has announced that it has acquired The LEAD Syndicate, a provider of teach solutions...

Read More
Onthemarket Employees
OnTheMarket PR Push Continues with Agent Signups and Roadshow

The UK's number three portal OnTheMarket (OTM) is definitely ramping up its PR in the early months of 2024 with...

Read More
Product Roundup 13March24
Product Roundup: FangDD, Yandex, Redfin, Realtor.com, Keyper, OneDome and MagicBricks

Another week, another big product roundup for portals and proptechs worldwide. Here's what we've spotted...   FangDD shares soar 80%...

Read More