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Miguel Cordon · · 3 min readSecondhand sales surge pushes Carousell to EBITDA profit in 2025
Singapore-based classifieds platform Carousell Group hit positive full-year EBITDA in 2025, driven by strong momentum in its recommerce business.
Last year, revenue for the firm grew 18% year on year to US$141 million as transaction and commission-based revenue streams rose.
Leung Shing Tai, chief strategy officer at Carousell / Photo credit: Carousell
“Today, Carousell is in a significantly stronger position than it was a few years ago, with a diversified business model, positive EBITDA, and a clear long-term growth strategy,” Shing Tai Leung, chief strategy officer at Carousell Group, tells Tech in Asia.
The firm declined to share specifics on its losses before tax but said the figure narrowed by 75%. Carousell recorded a loss before tax of US$32.3 million in 2024, Tech in Asia previously reported.
The platform’s recommerce business now accounts for 45% of total group revenue, up from about 43% in 2024. This business segment, which covers consignments, authenticated goods, and secondhand sales, grew more than 40% year on year.
“Our classifieds marketplace continues to provide a strong, high-margin foundation, while recommerce is our high-growth engine business,” Leung says.
See also: Carousell goes upmarket as losses trim 13% in 2024
Moving forward, the company will focus on AI, alongside recommerce, as its pillars of growth.
“We see AI representing one of the biggest platform shifts since mobile,” Leung adds. “Those two trends [recommerce and AI] together give us confidence in the long-term opportunity ahead.”
“Significantly stronger position”
Last year, Carousell recorded an increase in its gross merchandise value by over 20% across its luxury, mobile phones, and fashion verticals after expanding its network of physical stores.
By the end of 2o25, Carousell had 29 physical stores across Singapore, Hong Kong, Malaysia, and Indonesia.
Operating under subsidiaries like preloved fashion brand Refash and luxury reseller LuxLexicon, these brick-and-mortar storefronts act as trade-in and assessment centers rather than standard retail outlets.
Carousell acquired Refash in 2022 and purchased LuxLexicon in 2024.
AI and recommerce as growth drivers
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Carousell says it’s in a “significantly stronger position than it was a few years ago.” Its chief strategy officer explains how it got there.
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