Carousell Group Closes Myanmar Horizontal OneKyat

The online classifieds operator Carousell Group has shuttered its Myanmar-based horizontal classifieds platform OneKyat with all employees to be made redundant.

The news was confirmed by founder and COO Thiha Ye Tint in a Linkedin post advocating the skills of OneKyat team members to prospective employers.

OneKyat was a horizontal classifieds platform operating in Myanmar where, in the real estate vertical, it competed with the likes of Shwe Property and FDV-owned iMyanmarHouse. It is not known if Carousell's other classifieds platforms in Southeast Asia will share a similar fate.

News of the shutdown comes weeks after Craousell Group confirmed that it would lay off around 10% of its workforce (around 110 positions). In a self-flagellating blog post, Carousell Group boss Quek Siu Rui took full responsibility for the redundancies saying that he had been "too optimistic" and that he had "underestimated the impact of growing our team size too quickly".

It has been a tough 24 months for the Singapore-based e-commerce and classifieds group. Recent filings revealed that the company made a pre-tax loss of $43.9 million in 2021 and 2022 saw a potential SPAC deal to take Carousell public collapse along with a rumoured takeover bid for regional real estate player 99 Group.