Singapore-based classifieds unicorn Carousell trimmed its losses by nearly 13% in the financial year ended December 31, 2024, on the back of higher advertising revenue and cost controls, according to regulatory filings.
The company reported a net loss of $33.2 million in fiscal year 2024, filings with Singapore’s Accounting and Corporate Regulatory Authority show.
Revenue rose 2.9% to $119.3 million in FY2024, supported by a 10.6% increase in classifieds advertising revenue to $52.8 million.
Carousell managed to grow its revenue last year even as recommerce revenue, which includes secondhand goods sales, declined 5.9% to $53 million. Other revenue sources, including payments and logistics services, grew 14.4% to $13.5 million.
JJ Ang, Carousell Group CFO, said the company sharpened its business fundamentals by expanding omnichannel recommerce capabilities and leveraging AI to improve user experience and platform safety.
“We sharpened our investment in our core classifieds platform and iterated our recommerce business to focus on higher-margin business models,” Ang added.
Key performance metrics
While revenue grew modestly, Carousell managed to trim its losses by 12.6%, marking its consecutive year of reduced losses, Ang stressed.
Employee benefits remained Carousell’s largest expense at $67 million, up 3.5% from FY2023. The company also trimmed costs elsewhere, with inventories of finished goods falling 20.4% to $39.1 million and marketing spend down 4.3% to $6.2 million.
In December last year, Carousell laid off 76 employees from its business and technology teams across Asia, including Singapore. The decision was announced by CEO Quek Siu Rui during a company town hall, after which the impacted employees were notified individually by their managers and HR representatives.
During the year, Carousell made strategic moves to deepen its presence in the luxury and fashion resale segments.
It acquired LuxLexicon, a high-end luxury handbag resale and consignment platform; and launched an online store. It also expanded its REFASH business into Hong Kong with four physical outlets.
The company also enhanced logistics capabilities in Singapore through new bulky-item delivery and postal options and rolled out integrated payments and delivery services in Hong Kong via partnerships with AliPayHK, Octopus, and SFHK.
Carousell’s top shareholders
In 2024, the company recorded a net cash outflow of nearly $19 million from operating activities, generated $39.6 million in cash from investing activities, and used $2.1 million for financing activities.
Its cash and short-term deposits stood at $85.6 million, down 2.1% from $112.9 million from the previous year. Its cash and cash equivalents registered at $50.5 million by the end of last year.
“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,” Ang said.
The company has more than 25 direct and indirect subsidiaries in Singapore, Taiwan, Hong Kong, Malaysia, India, the Philippines, Vietnam, and Indonesia. The company’s investments in its subsidiaries reached $145.3 million in 2024.
Carousell was founded in 2012 by Siu Rui Quek, Marcus Tan, and Lucas Ngoo as a marketplace for pre-loved goods. Initially, the bulk of its transactions were from Singapore, but the company branched out to Malaysia and Taiwan at the end of 2014. In 2017, the company forayed into property and automotive listings.
