Carousell reportedly laid off about 110 of their employees, cutting off 10% of their total headcount, according to The Straits Times.
Quek Siu Rui, the CEO and co-founder of the company, announced the news to the company on 1 December, apologising for the decision.
The company also added that the workers who are retrenched will be receiving a minimum of 3 months’ salary as compensation, along with other measures.
ST reported that the retrenchment comes amidst the slow growth of the company.
Quek purportedly said that this move will only affect some business units, but stopped short of mentioning the number of workers in Singapore that were retrenched, according to his letter to his employees.
Employees who were retrenched reportedly received the news via an email, where they were invited to a meeting with their team leader and an HR business partner.
On top of the three months’ salary compensation, the retrenched workers will also get cash in lieu for their remaining paid time off, and their medical benefits will also be extended until 30 June next year.
Quek reportedly told his employees, “I am deeply sorry for this outcome, and I take responsibility for the decisions that have led us here.”
He said that he made several critical mistakes, with one of them being too optimistic about the company’s impact on their increase in investments.
He added that they were too quick to grow their expenses and hire, but the returns took longer than expected and that he had underestimated the impact of growing the team size too quickly.