• IP addresses are NOT logged in this forum so there's no point asking. Please note that this forum is full of homophobes, racists, lunatics, schizophrenics & absolute nut jobs with a smattering of geniuses, Chinese chauvinists, Moderate Muslims and last but not least a couple of "know-it-alls" constantly sprouting their dubious wisdom. If you believe that content generated by unsavory characters might cause you offense PLEASE LEAVE NOW! Sammyboy Admin and Staff are not responsible for your hurt feelings should you choose to read any of the content here.

    The OTHER forum is HERE so please stop asking.

Carousell posts $7m revenue and $25m loss in 2018!!!!!!

Sorry if I got this wrong.
They got sales of 7m but can lose 25m?
What kind of business is this?
new wave of e-commerce.

lose money night and day and investors pour money in and they are treated as poster children for technopreneurship. farking BS!

Some of the biggest names in tech are money burning factories. #1 offender is FElon Musk.

  1. Tesla
  2. Boring Company
  3. SpaceX (thanks @hofmann ) Solarcity!
  4. Spotify
  5. Uber
  6. Lyft
too lazy to do more research. this is off the top off my head.
 
Last edited:
I think they have potential. They already have a strong branding, now just need to clean shop (don't need to be in so many countries and need to rethink their business model) and stop hemorrhaging money.



in so many CUNTries.............and revenue only 7m ??:roflmao::roflmao:........................close shop better lah
 
should have sold when they had the chance

4269a334-7ac6-11e9-8126-9d0e63452fe9_image_hires_172321.JPG
4269a334-7ac6-11e9-8126-9d0e63452fe9_image_hires_172321.JPG

Quek Siu Rui, founder and chief executive officer of Carousell, poses for a photograph in Singapore, May 24, 2018. Photo: Bloomberg
When Quek Siu Rui chose to attend business school at the National University of Singapore, he imagined a career as a consultant or banker – not as the leader of a multimillion-dollar start-up that would redefine the region’s classifieds industry.
Quek is the CEO of mobile classifieds firm Carousell, a company he co-founded with two friends seven years ago and which has gone on to completely change the way people buy and sell second-hand goods across Southeast Asia.

The company’s innovation was deceptively simple – they developed an app that lets users snap a picture of the item they want to sell and post it online, sharing the information immediately with potential buyers.


Although this approach might sound straightforward today, when the company was first founded, the notion of using a smartphone app to post items for sale online was virtually unheard of. The idea behind a “snap, list, sell” app came to Quek and his co-founders Marcus Tan and Lucas Ngoo after the trio grew frustrated with the cumbersome task of trying to sell their own second-hand electronics online.
“We had a lot of gadgets that we only used once or twice, and we used to sell them on [online forums in Singapore],” said Quek. “It was a hassle, you had to take a photo and then transfer it to your computer, upload the picture to an image hosting site, and then link it to your post. The process was painful.”

In 2012, they entered a start-up hackathon with their idea for a do-it-all classified app, coming up with the prototype for Carousell over one weekend. They not only won the hackathon, Quek and his co-founders also drew inspiration from the support they received from other participants during the event.
“By the end of the weekend, people were coming to us wanting to know when we would launch it,” Quek said. “That gave us the confidence to focus on Carousell full time.”
SUBSCRIBE TO Inside China Tech
Get updates direct to your inbox
SUBMIT

By registering, you agree to our T&C and Privacy Policy
Singapore’s Carousell buys car classifieds start-up Caarly, eyeing Hong Kong’s used car market

The app has proved to be a big hit, launching at a time when smartphones have become a leading means for people to communicate and shop across Singapore and the surrounding region. For the majority of Southeast Asia’s more than 600 million people, smartphones have become the primary way of accessing the internet after the region leapfrogged the PC age and went straight to the mobile internet.
In Carousell’s home market of Singapore, more than half the population of 5.6 million has signed up to use the platform, Quek said. The company has since expanded to other markets such as Malaysia, Indonesia, Taiwan, Hong Kong and the Philippines, and is currently valued at about US$560 million.


Over the past seven years, users have sold about 70 million items across all seven of Carousell’s geographic markets. While there are no plans for “major expansions” outside Southeast Asia yet, the company does have an operation in Australia.
1566022297469.png

The Carousell application is displayed on a smartphone. Photo: Bloomberg
Share:
The company has several revenue streams. It does not charge regular users to transact on its platform but it does sell adverts and charges for additional services, such as featuring a seller’s listing more prominently.
Since 2016, Carousell has branched out into other verticals such as cars and property listings, working with car dealerships and real estate agents who pay to post listings on the site. Carousell users have matured together with the company, said Quek, and in Singapore, more than 50 per cent of its users are over 25 years old.
For these users, exploring bigger purchases such as cars and property is the natural next step, he said. And while markets like Singapore may be small in terms of population, it is relatively easy to generate revenue since people in the city state are used to shopping online and tend to make bigger purchases on digital platforms than buyers in other countries.
Facebook takes leaf out of WeChat’s playbook on private chats
Carousell’s promise has caught the eye of one of the world’s largest technology investors, Naspers, which has invested in Chinese internet giant Tencent Holdings among other companies. Last month, Carousell landed US$56 million from Naspers subsidiary OLX, an online marketplace. As part of the deal, Carousell will take over OLX’s Philippines business as it seeks to cement its leadership in Southeast Asia.
The company is facing increased competition, including from Facebook, which has launched its Marketplace feature that allows users to list personal items for sale. On the shopping front, it also competes with e-commerce platforms such as Shopee or Qoo10, for example, which also operate as marketplaces that allow users to sell items.
There is also the lingering concern that at the end of the day, many consumers still prefer buying something shiny and new from a rival, as opposed to hunting for second-hand bargains on Carousell.
But Quek is unfazed. As sustainability becomes more of a concern for consumers, he believes that a “natural rebalancing” may occur in which consumers consciously seek out second-hand items first to preserve the life cycle of products, before turning to first-hand alternatives.
“That might seem hard to imagine, but if you think about it just five to 10 years ago jumping into someone’s car to get from A to B was also unimaginable … but that’s the model for Grab and Uber today,” he said, referring to the growing popularity of ride-sharing services.
“The grand vision here is to create this world where second-hand goods on a peer-to-peer marketplace [like Carousell] become the first choice for you whenever you need to buy something,” Quek said.
“We think that five years from now, we can actually create that world.”
 
new wave of e-commerce.

lose money night and day and investors pour money in and they are treated as poster children for technopreneurship. farking BS!

Some of the biggest names in tech are money burning factories. #1 offender is FElon Musk.

  1. Tesla
  2. Boring Company
  3. SpaceX
  4. Spotify
  5. Uber
  6. Lyft
too lazy to do more research. this is off the top off my head.

Hi bro. Think u need to remove spaceX from the list. It's been profitable for some years now.
 
Hi bro. Think u need to remove spaceX from the list. It's been profitable for some years now.
hai!! I just remembered! Now you know why I cannot make it when it comes to brainpower. no/unstable RAM! :laugh:

It was Solarcity! with potemkin villages and all.

I knew it was another Musk cash incinerator and it started with an S...
 
This fucking idiot. I can run the site and the app on my own. At most i outscource feedback
 
hai!! I just remembered! Now you know why I cannot make it when it comes to brainpower. no/unstable RAM! :laugh:

It was Solarcity! with potemkin villages and all.

I knew it was another Musk cash incinerator and it started with an S...

Haha spot on

Unfortunately solar City no longer exists and was absorbed by Tesla

Your Ram is working fine la. Cpu probably busy engaging in other more important things than recalling dead companies.
 
Haha spot on

Unfortunately solar City no longer exists and was absorbed by Tesla

Your Ram is working fine la. Cpu probably busy engaging in other more important things than recalling dead companies.
thank you for the kinds words! :thumbsup:

I hope my RAM keeps working for a while then... :laugh:
 
carousell makes buying and selling a stressful and unhappy experience, like a wild wild west cowboy platform.

Lots of fake things listed, lots of low-ballers with crazy requests.
 
Actually I've always been very fascinated on the cost structure of these internet companies. I am not IT-trained and have very limited understanding on technology stuff, but I've always struggled to understand how they rake up so much expenses. For e.g. Carousel does not hire a lot of people and has very limited investment in terms of real estate or hardware infrastructure except perhaps to lease cloud infrastructure.

To make a loss of $25million with $8million revenue implies their annual expense is at least $33million. For a Singapore company that mainly does only Singapore business how exactly do they end up spending so much? Recently I had a chat with an employee of Grab and he told me Grab's Singapore operations is loss making even though they are now drawing 20% - 30% of the average driver's earnings, and they don't even need to pay for any of their wages or car loans or operating expenses. So where was all the money spent on?
 
Actually I've always been very fascinated on the cost structure of these internet companies. I am not IT-trained and have very limited understanding on technology stuff, but I've always struggled to understand how they rake up so much expenses. For e.g. Carousel does not hire a lot of people and has very limited investment in terms of real estate or hardware infrastructure except perhaps to lease cloud infrastructure.

To make a loss of $25million with $8million revenue implies their annual expense is at least $33million. For a Singapore company that mainly does only Singapore business how exactly do they end up spending so much? Recently I had a chat with an employee of Grab and he told me Grab's Singapore operations is loss making even though they are now drawing 20% - 30% of the average driver's earnings, and they don't even need to pay for any of their wages or car loans or operating expenses. So where was all the money spent on?
Bonuses for top management
 
Actually I've always been very fascinated on the cost structure of these internet companies. I am not IT-trained and have very limited understanding on technology stuff, but I've always struggled to understand how they rake up so much expenses. For e.g. Carousel does not hire a lot of people and has very limited investment in terms of real estate or hardware infrastructure except perhaps to lease cloud infrastructure.

To make a loss of $25million with $8million revenue implies their annual expense is at least $33million. For a Singapore company that mainly does only Singapore business how exactly do they end up spending so much? Recently I had a chat with an employee of Grab and he told me Grab's Singapore operations is loss making even though they are now drawing 20% - 30% of the average driver's earnings, and they don't even need to pay for any of their wages or car loans or operating expenses. So where was all the money spent on?
For grab a lot of money goes to paying of incentives and freebies. To both their Drivers and customers.
I always wonder how this could be sustainable in the Long run. They claim to be doing this to be getting market share but it’s looks like burning money to me
 
Back
Top