The reports confirm that Carousell is on track, and profits will increase soon. The management hopes that this year will end up with gains.
Carousell expects healthy growth in the coming years, as Quek Siu Rui, the CEO and co-founder of the secondhand goods marketplace, thinks so. In the interview with CNBC, he says, “We feel confident that we can actually continue to generate healthy growth towards this very meaningful direction of recommerce growth.”
Carousell started a business in 2012 in Singapore. It is one of the most prominent online classified advertisements marketplaces where users come and sell their used goods. The CEO confirmed CNBC they are on track and have healthily reduced their previous year’s losses. Quek Sin Rui said, “This year, we continue to expect revenue to grow healthily. And I think in a very promising sign, we actually are going to be healthily reducing our losses this year as well.”
According to the 2022 financial report, the jump in 2022 was $82.5 million. It means the revenues are 67% more than those generated in 2021. However, Carousell faced 57% year-on-year losses, which are also higher than in 2021; Quek said, “We acknowledge that the recommerce opportunity is a really big one. We are actually investing to grow these different initiatives and strategies.”
When discussing Carousell’s performance last year, it is fantastic to hear that it has bought Refash, the secondhand fashion retailer in Singapore, and Laku6, Indonesian electronics recommerce platform. Carousell merged 701Search, Telenor’s classified firm, in 2019 and OnShift, an online automotive platform, in 2018. OX Street, a streetwear and sneakers marketplace, was also authenticated in 2021.
These achievements will help them expand their electronic and fashion markets. Quek said, “We feel confident that we can continue to generate healthy growth towards this very meaningful direction of recommerce growth. [With the] support of our investors, we are actually very well capitalized to execute on these strategies. So we feel very confident about our capital position.”