Singapore-based Carousell just announced that it will layoff 10% of its staff or around 110 employees. The company made the announcement to all its staff via email and an official blogpost on their website. The company operates in 10 markets; Malaysia, Indonesia, the Philippines, Cambodia, Taiwan, Hong Kong, Macau, Australia, New Zealand and Canada.

Quek Siu Rui, Carousell’s Co-founder and CEO said in the post “I am deeply sorry for this outcome, and I take responsibility for the decisions that have led us here. Parting with teammates, whom we are grateful to for joining us on this mission, is a very difficult decision. We will be sure to treat everyone impacted with compassion and to lend as much support as we can to them.”

The company’s goal for the “impacted” employees is to help them in their job search by allowing them to keep their office laptop and continue their LinkedIn Learning membership until June 30, 2023; provide at least 3 months of compensation and, extend medical benefits and insurance coverage for employees and their dependents up to June 30, 2023, subject to approval by local insurers and medical service providers.

Carousell was founded in 2012, backed by Sequoia Capital India, Naver, 500 Global and Rakuten Capital, has raised a total of $372.6 million and acquired another of companies including OLX Philippines, after receiving an investment from Naspers.