Malaysia’s most valuable technology startup last year delayed its dual listing plans in Singapore and the US on concerns that deteriorating macroeconomic conditions could dent its valuation. The company expects to break even this year and is set to achieve its first full year of profitability in 2024, Chief Executive Officer Eric Cheng said in July. Carsome is preparing to be ready for an initial public offering, and when there is a window, the company can list quickly, he said at the time.
Carsome Group, which operates a Southeast Asian used-car online marketplace, is cutting hundreds of jobs to reduce costs as it works to reach profitability ahead of a potential stock-market listing.
The company is eliminating positions across Southeast Asia, with Indonesia and Thailand the hardest hit, people familiar with the matter said. Carsome has scaled down its operations significantly in those two markets, which it entered in 2017, the people said, asking not to be identified as the plans aren’t public. It has about 4,000 employees.
