Outline ·
[ Standard ] ·
Linear+
Latest massive layoff for Malaysia's first Unicorn
|
TSmingosaur
|
  Nov 17 2023, 08:09 AM, updated 3y ago
|
New Member
|
Carsome Group LayoffA friend of mine who worked at Carsome was just called in for a one-on-one meeting with the HR regarding the possibility of facing immediate termination, along with minimal compensation, as part of the company's downsizing measures. It appears that Carsome has been extravagant with investor funds, and following several rounds of layoffs last year, they are now extending the retrenchment to impact rumored to be the largest this time round. Well, that's Malaysia's unicorn for you. What other areas do you think Carsome has fallen short? Seems like spending investor money like water this. Even the Eric Cantona campaign costed like ~USD 20 mil. LOL https://www.freemalaysiatoday.com/category/...a-govt-bailout/' After all, it has bulldozed through 12 funding rounds, raising some US$607.4 million (RM2.81 billion) via 26 investors in the eight years since its inception in 2015. A large chunk of the money – US$290 million (RM1.34 billion) – was raised in its most recent funding round in January.
In 2021, the group posted a revenue of US$655.9 million (RM3.03 billion). However, it only managed a 5.5% gross profit of US$35.9 million (RM165.8 million).
After accounting for non-cash flow related losses, the group closed 2021 with a net loss of US$138 million (RM637.15 million).
Cash used in operating activities was a whopping US$114 million (RM526.34 million) in 2021, implying a nine-fold increase in operating burn from 2020.
Carsome accelerated its spending in 2022, as evidenced by their Eric Cantona (ex-Manchester United football star) marketing campaign, reported to cost US$28.7 million (RM132.51 million).' This post has been edited by mingosaur: Nov 17 2023, 08:57 AM
|
|
|
|
|
|
bengang15
|
Nov 17 2023, 08:12 AM
|
|
|
Well that's the thing with chasing revenue without taking into considering CM and BM.
|
|
|
|
|
|
ameliorate
|
Nov 17 2023, 08:13 AM
|
|
|
It's a used car business disguised as a tech company. Same like wework, it won't end well.
|
|
|
|
|
|
achong09
|
Nov 17 2023, 08:14 AM
|
|
|
QUOTE(mingosaur @ Nov 17 2023, 08:09 AM) Carsome Group LayoffA friend of mine who worked at Carsome was just called in for a one-on-one meeting with the CMO regarding the possibility of facing immediate termination, along with minimal compensation, as part of the company's downsizing measures. It appears that Carsome has been extravagant with investor funds, and following several rounds of layoffs last year, they are now extending the retrenchment to impact 40-50% of the entire workforce. Reports indicate that certain departments have been reduced by as much as 90%, while others have been completely dissolved. Well, that's Malaysia's unicorn for you. What other areas do you think Carsome has fallen short? Seems like spending investor money like water this. Even the Eric Cantona campaign costed like ~USD 20 mil. LOL https://www.freemalaysiatoday.com/category/...a-govt-bailout/' After all, it has bulldozed through 12 funding rounds, raising some US$607.4 million (RM2.81 billion) via 26 investors in the eight years since its inception in 2015. A large chunk of the money – US$290 million (RM1.34 billion) – was raised in its most recent funding round in January.
In 2021, the group posted a revenue of US$655.9 million (RM3.03 billion). However, it only managed a 5.5% gross profit of US$35.9 million (RM165.8 million).
After accounting for non-cash flow related losses, the group closed 2021 with a net loss of US$138 million (RM637.15 million).
Cash used in operating activities was a whopping US$114 million (RM526.34 million) in 2021, implying a nine-fold increase in operating burn from 2020.
Carsome accelerated its spending in 2022, as evidenced by their Eric Cantona (ex-Manchester United football star) marketing campaign, reported to cost US$28.7 million (RM132.51 million).' i have friend working in caresome also.. just called him and he say no such thing happen.. this is fake news leh... your source true or not?  |
|
|
|
|
|
soul78
|
Nov 17 2023, 08:17 AM
|
|
|
kecian... company becum unicorn...
investors becumm scape goats...
|
|
|
|
|
|
raito-kun
|
Nov 17 2023, 08:21 AM
|
New Member
|
janji oren kito
|
|
|
|
|
|
thesoothsayer
|
Nov 17 2023, 08:26 AM
|
|
|
Most of these so-called unicorns really have head scratching business models. Can only praise their founders for having glib tongues to convince investors.
|
|
|
|
|
|
DarkAeon
|
Nov 17 2023, 08:30 AM
|
|
|
vc and investors funds are high and dry these days even in silicon valley
companies who are in the red and depends on investor's money for survival can say bye bye. not many will survive till next year
|
|
|
|
|
|
TSmingosaur
|
Nov 17 2023, 08:32 AM
|
New Member
|
QUOTE(achong09 @ Nov 17 2023, 08:14 AM) i have friend working in caresome also.. just called him and he say no such thing happen.. this is fake news leh... your source true or not? Either he is lucky or he has signed an NDA. Multiple news sources has already taken wind of this. https://www.freemalaysiatoday.com/category/...s-ahead-of-ipo/https://www.bloomberg.com/news/articles/202...f-potential-ipohttps://www.techinasia.com/short/50-words-c...4-profitability |
|
|
|
|
|
Mixo Mania
|
Nov 17 2023, 08:32 AM
|
Getting Started
|
Not sure what’s their end game like. Get the user base via 2nd hand car market and then?
|
|
|
|
|
|
DarkNite
|
Nov 17 2023, 08:33 AM
|
|
|
QUOTE(ameliorate @ Nov 17 2023, 08:13 AM) It's a used car business disguised as a tech company. Same like wework, it won't end well. Mcm scam? |
|
|
|
|
|
turkwarrior
|
Nov 17 2023, 08:34 AM
|
New Member
|
QUOTE(achong09 @ Nov 17 2023, 08:14 AM) i have friend working in caresome also.. just called him and he say no such thing happen.. this is fake news leh... your source true or not? :confused: so many intl media reported this before fmt bloomberg for example https://www.bloomberg.com/news/articles/202...f-potential-ipo |
|
|
|
|
|
JasonthegreatTWO
|
Nov 17 2023, 08:34 AM
|
|
|
No harwat MBA like that lo
|
|
|
|
|
|
meghamtaro
|
Nov 17 2023, 08:36 AM
|
|
|
QUOTE(achong09 @ Nov 17 2023, 08:14 AM) i have friend working in caresome also.. just called him and he say no such thing happen.. this is fake news leh... your source true or not? Of coz your friend will say false news so that won't drop his water face |
|
|
|
|
|
hoonanoo
|
Nov 17 2023, 08:37 AM
|
|
|
QUOTE(thesoothsayer @ Nov 17 2023, 08:26 AM) Most of these so-called unicorns really have head scratching business models. Can only praise their founders for having glib tongues to convince investors. mytukar also? |
|
|
|
|
|
RT8081
|
Nov 17 2023, 08:38 AM
|
|
|
Times are bad
|
|
|
|
|
|
sam378
|
Nov 17 2023, 08:38 AM
|
|
|
Carsome everywhere in malaysia, now want massive layoff. Done cuci duit
|
|
|
|
|
|
smallcrab
|
Nov 17 2023, 08:39 AM
|
Getting Started
|
so now too many unsold cars ???
or making losses from each car sold??
|
|
|
|
|
|
hoonanoo
|
Nov 17 2023, 08:39 AM
|
|
|
QUOTE(achong09 @ Nov 17 2023, 08:14 AM) i have friend working in caresome also.. just called him and he say no such thing happen.. this is fake news leh... your source true or not? maybe because news last reach employees? they r in denial syndrome? not only that, co try to hide until it is too late, call them in to HR and tell them to pack up? |
|
|
|
|
|
Mavik
|
Nov 17 2023, 08:40 AM
|
Patience is a virtue
|
QUOTE(ameliorate @ Nov 17 2023, 08:13 AM) It's a used car business disguised as a tech company. Same like wework, it won't end well. Even as a used car business, they haven't provided something unique or distinct to set themselves apart from the other players. |
|
|
|
|
Quote
0.0224sec
0.80
5 queries
GZIP Disabled