Carsome Reportedly Laying Off Hundreds of Employees in an Effort to Reduce Operating Costs and Achieve Profitability

 

Carsome, one of the startup companies focused on buying and selling used vehicles, is now reportedly laying off hundreds of employees. This layoff is said to involve various countries in Southeast Asia including Malaysia. Among the highly affected are the workers in the Carsome market in Indonesia and Thailand.

According to Bloomberg, Carsome cut hundreds of these employees in an effort to reduce operating costs and achieve profitability – before opting for a public stock listing.

Previously, in 2022, Carsome had also laid off a large number of workers - estimated at less than 10%. This is the second mass layoff in over a year.

Carsome was established in 2015, and is estimated to have nearly 4000 employees. Previously, Carsome's CEO had shared that they aim to reach profitability by 2024, and perhaps this is the first step towards that – by reducing operating costs.