Malaysia-based automotive marketplace Carsome has laid off hundreds of workers as it seeks to reach profitability ahead of a potential stock market listing next year.
With around 4,000 employees, the used-car website is cutting positions across the region, with Indonesia and Thailand hardest hit.
“Carsome makes adjustments to its workforce where necessary” the company stated, declining to mention a specific number. “But we remain committed to investing in all of our current markets and plan to accelerate profitable growth in 2024,” it added.
The company recently appointed Miguel Fernandez as CFO in place of Juliet Zhu. The latter will remain group president.
Founded in 2015, Carsome has expanded into Indonesia, Thailand and Singapore. It says it works with more than 13,000 dealers.
The company sees breakeven by year-end and full-year profitability in 2024, company co-founder and CEO Eric Cheng recently said. It generated revenue of $1.5 billion U.S. in 2022, selling more than 150,000.
In September, Cheng said Carsome was seeking new funding.