Carousell Group Closes Myanmar Horizontal OneKyat

December 23, 2022
Share this Post: 

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.

 

December 23, 2022
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

Buyrentkenya Nairobi Skyline
BuyRentKenya Partners with Insurance Specialist mTek-Services

BuyRentKenya, a market-leading portal in Kenya, has unveiled a strategic collaboration with mTek-Services, an insurtech firm specializing in digital online...

Read More
Untitled Design 14
Yandex Divests Russian Assets for $5.2 Billion

Yandex N.V., the Dutch parent company of the Yandex group, has announced a definitive agreement to divest all of its...

Read More
Untitled Design 12
Significant Adevinta Shareholder Yet to Approve $14 Billion Offer

Permira and Blackstone's protracted $14 billion takeover of Norway-based marketplace giant Adevinta continues to stutter with a significant shareholder yet...

Read More
Untitled Design 1
What Does the Future of Real Estate Search Look Like?

The Property Portal Watch conferences are where real estate portals discuss and sometimes catch a glimpse of their future. Recent...

Read More