- Carousell’s revenue soars 40%.
- Recommerce drives growth, contributing 46% of total.
- Company cuts losses, extends runway to six years.
Turning silver into gold
Singapore-based ecommerce platform Carousell Group reported a 40.5% increase in revenue for 2023, largely driven by its booming recommerce business.
The company’s focus on “making secondhand the first choice” has paid off, doubling sales in its recommerce segment and contributing to 46% of total revenue.
Penny-pinching pays off
Despite the significant revenue growth, Carousell managed to keep costs in check. Expenses rose by only 6% from 2022 to 2023, resulting in a 40% reduction in losses for the year.
The company’s largest expense category, employee benefits and recruitment costs, even saw a slight decrease of 0.7%.
Six-year runway and beyond
Carousell’s improved financial performance has extended its runway to nearly six years, based on current cash reserves and operating activities.
Looking ahead, the company plans to further invest in its recommerce businesses, focus on organic growth, and pursue strategic acquisitions to enhance its expertise in key categories like luxury goods authentication.
To read the original article: https://www.techinasia.com/carousells-2023-revenue-40-driven-recommerce-sales-doubling?ref=featured-subex-0
