23-9-2023 (SINGAPORE) Carousell, the online marketplace, has unveiled its new regional headquarters in Singapore at LaunchPad@one-north, a start-up and incubator space. The move comes as Carousell enters its second decade and remains committed to profitability and its existing markets.
Quek Siu Rui, the group CEO and co-founder of Carousell, expressed gratitude for the company’s strong financial position, which allows them to focus on execution. He also emphasized the company’s cautious optimism and prudent approach to investments.
Founded in Singapore in 2012, Carousell has expanded its presence across eight locations in Southeast Asia, India, Hong Kong, and Taiwan. It achieved unicorn status in 2021, joining the exclusive club of start-ups valued at over US$1 billion.
Carousell boasts 80 million new listings annually and serves a substantial number of monthly active users in the tens of millions, according to the company.
In the wake of the pandemic, Carousell, like many other tech companies, implemented cost-cutting measures and laid off around 10% of its workforce, approximately 110 employees, by the end of 2022. Quek described the layoffs as a challenging but deliberate decision made to prioritize key areas and build a resilient company.
Among Carousell’s notable acquisitions in the past year were Laku6, an Indonesian electronics re-commerce platform, and Refash, a local second-hand apparel retailer.
The newly established Carousell Campus, the company’s headquarters, integrates various subsidiaries and consolidates their capabilities in authenticating and inspecting products. One of Carousell’s initiatives, the Carousell Certified program, enables users to purchase quality-assured and authenticated second-hand products. The program involves authorized partners inspecting and authenticating products in specific categories, such as luxury bags, mobile phones, cars, and sneakers, before they are made available in Carousell’s official stores.
During a media visit to the headquarters, Carousell staff demonstrated their expertise in differentiating between genuine and counterfeit luxury bags and sneakers. They also showcased the use of artificial intelligence technology to inspect second-hand mobile phones.
To address concerns regarding trust and confidence, Carousell introduced Singpass identity verification for listings in certain categories, including property, earlier this year. The company is exploring the expansion of these verification checks to the ticketing category, requiring ticket sellers to undergo Singpass verification before listing, according to Quek.
Carousell also implemented escrow payments and additional buyer protections through its “Buy” button, which was introduced earlier this year.
Quek emphasized that building trust and convenience are the primary goals for Carousell in the coming decade. The company aims to overcome the barriers that hinder potential buyers and sellers in the second-hand market.
Furthermore, Carousell intends to contribute to Singapore’s start-up ecosystem by collaborating with local start-ups and small businesses through various events and initiatives at LaunchPad@one-north.
