Carousell FY24: Losses Narrow to $33.2 Million as Revenues Edge Upwards

Carousell, the Singapore-based classifieds platform, has released its financial results for the 2024 financial year.

Highlights include:

• Revenues increase to $119.3 million, up 2.9% YoY
• Classifieds Advertising revenue reaches $52.8 million, up 10.6% YoY
• Net losses of $33.2 million were down 13% YoY
• Cash and cash equivalents increased to $50.5 million, up 60.3% YoY

Carousell operates a used goods marketplace across various categories, including electronics, fashion, luxury, cars, and real estate. The firm has over 10,000 real estate listings in Singapore.

The company's revenue model is neatly split between recommerce ($53 million) and advertising ($52.8 million), with other revenues reaching $13.5 million for the year.

Revenues saw much slower growth, increasing by 2.9% for the year. Recommerce revenues fell 6% in 2024, while classifieds revenues were up 10.6% for the year.

Meanwhile, Carousell appears to have focused its efforts on reducing expenses this year, as net losses were trimmed by more than 10% to $33.2 million. Carousell saved an extra $10 million on changes in inventories of finished goods, but employee expenses increased 3.5%.

JJ Ang, CFO at Carousell Group, said:

"We sharpened our investment in our core classifieds platform and iterated our recommerce business to focus on higher-margin business models.

"As we look ahead, we will continue to invest in AI-driven innovation, build out platform capabilities, and deepen strategic partnerships, while staying committed to our mission of making secondhand the first choice.

Carousell, which has subsidiaries in Singapore, Taiwan, Hong Kong, Malaysia, India, the Philippines, Vietnam and Indonesia, entered the real estate space in 2017.

The company made 76 employees redundant in a round of layoffs in December 2024, reducing its workforce by approximately 7% across its business and technology divisions.

Carousell announced that it had signed up for OpenAI’s Operator Preview program in March 2025.