Carousell goes upmarket as losses trim 13% in 2024

At the end of last year, Singapore-based classifieds and recommerce platform Carousell laid off 7% of its total headcount.

But as its financial statement for 2024 shows, there were more shifts behind the curtain. These changes may have contributed to the firm’s second consecutive year of narrowing losses.

“We sharpened our investment in our core classifieds platform and iterated our recommerce business to focus on higher-margin business models,” JJ Ang, CFO at Carousell Group, said in a statement.

Carousell CFO JJ Ang / Photo credit: Carousell

This includes its push into luxury reselling through the acquisition of LuxLexicon, a Singapore-based reseller of luxury bags. The company also expanded trade-up programs for mobile phones and luxury bags and expanded into new categories under Refash, its preloved fashion platform.

Losses down

In 2024, Carousell reported a 2.9% year-over-year increase in revenue and a 12.6% reduction in its net loss. This is the second consecutive year that its losses have declined.

The largest contributor to this improvement in its bottom line is Carousell’s cutback on inventories of “finished goods,” which decreased by about 20% year on year. These refer to inventory and consignment items that are part of its recommerce business.

In a statement, Ang notes that Carousell exercised “strict cost control” measures in 2024. Part of this was the company’s recommerce business shifting to higher-margin business models and reducing spending in areas like marketing.

The firm adds that it was also able to acquire “in-demand” items at “competitive price points” by using market insights and data modelling.

Carousell operates a number of platforms across seven markets in Asia, including Malaysia, the Philippines, Indonesia, and Vietnam. Its top categories are cars, luxury, mobile devices, property, as well as jobs and other services, though a Carousell spokesperson declined to share performance metrics for individual categories.

Users can transact directly with each other via the main Carousell platform or consign items to the firm for reselling.

It also has a Certified Luxury service, which involves holding inventory and managing high-end items.

Carousell runs Indonesian electronics recommerce platform Laku6 and Malaysia-based online marketplace Mudah.my as well.

Revenue mix shake-up

Recommerce was still Carousell’s main revenue stream in 2024, but revenue for the segment went down by 6% year on year.

Tighter lid on costs

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