Carsome Group Layoff

A 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

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-ipo
https://www.techinasia.com/short/50-words-c...4-profitability

I was told everything was super last minute. Really bad handling from the management/HR. No office wide announcement. Started with townhalls for different departments at different days. After that called in for 1on1 and then provided letter.... most are immediate termination. Feel really bad but I guess it is the risk with startups.

Head office in Msia. Heard got severance pay but don't know how much. The ones who get fired hopefully can get work elsewhere quickly so can treat the SP as bonus. LOL

This post has been edited by mingosaur: Nov 17 2023, 09:15 AM

LOL, that's untrue. My friends are in the Msia office. 3 of them just told me about it, they were served with the letters. You can head to KYM lobby and ask the guys in the yellow beep beep clothing.

This post has been edited by mingosaur: Nov 17 2023, 09:33 AM

Just reporting on behalf of kawans in the company. I myself don't think can work in startup environment, prefer MNC with global assignment opportunities.