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

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.