Diving into Carousell’s latest financial figures

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Hi there,

It’s financial figures season (or “szn,” as the cool kids like to spell it) again. In the last newsletter, I wrote about GoTo’s numbers, and today it’s Carousell’s turn.

These days, it’s also performance review time, so we’re all judging and being judged for one last time before shutting down to rest for the end of the year. Even if your growth slowed in 2022 – like Carousell’s numbers did in 2021, apparently – I hope you’ve still taken steps forward for your own physical and mental health. After all, that’s what really matters.

But for now, let’s dive deep into Carousell’s 2021 performance.

Today we look at:

• Carousell’s modest 2021 growth
• Osome’s awesome US$25 million series B funding round
• Other newsy highlights such as a Malaysian earned-wage access startup’s US$9 million pre-series A raise and Animoca Brands’ latest acquisition

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Slow but steady?

Image credit: Timmy Loen

I find myself in a somewhat reflective mood nowadays. It might just be because we’re at the tail end of 2022, and I’m taking stock before I can look forward to 2023.

I’ve had some stumbles this year, but I also did several things that I’m very proud of – the crowning jewel of which is my mental health podcast miniseries Vibe Check: Mental Health in the Startup World. Please give it a listen.

Progress is never linear, and I think that Carousell’s management probably had this in mind as it conducted its recent layoffs and even as growth slowed in 2021.

• Not as spectacular: After tripling its revenue in 2020, the online classifieds giant saw a more modest year-on-year growth of 21.8% to US$49.5 million in 2021.

• Still the main moneymaker: Despite efforts to diversify its revenue streams, classifieds advertising continues to be a mainstay of the group’s business, contributing US$34.3 million or almost 70% of its total revenue.

It’s another edition of “startup names”

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