Lucas Ngoo, the co-founder of Singapore-based online marketplace Carousell, says he will step down from managing the company’s operations.
“After 11.5 remarkable years, I have made the personal decision to take a break and step back from day-to-day management of Carousell at the end of the month,” Ngoo wrote in a LinkedIn post.
He added he still has a full interest in the firm and will act as a co-founder and board director, as well as an advisor when needed.
He also shared his plans to learn more about new areas including innovation, AI in biotech/healthcare, climate tech/energy transition and web3 during the break.
Siu Rui Quek, Marcus Tan, and Ngoo founded Carousell as an e-commerce platform for preloved goods in May 2012. Ngoo was also chief technology officer until Igor Volynskiy took over the role in September 2019.
The company accelerated its Southeast Asian expansion in recent years with the acquisitions of sneaker marketplace Ox Street in 2021 and fashion reseller channel Refash and electronics recommerce platform Laku6 in 2022.
However, in December 2022, Carousell announced the layoffs of 110 employees, about 10 per cent of its workforce amid the uncertain macroeconomic environment. It also moved into a cheaper office as part of cost-cutting measures.