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Indonesia-based co-working startup CoHive, which operated under the legal entity Evi Asia Tenggara, has been officially declared bankrupt as of January 18 by the Central Jakarta district court.
The court also appointed a team to manage the company’s assets, which will be confiscated and auctioned off to pay off its debts.
Tech in Asia Indonesia contacted CoHive but has received no response.
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In September 2022, the startup’s debt payment obligations were temporarily suspended by a court in Jakarta, giving the firm some time to make arrangements with creditors. Failure to do so during the suspension period – 45 days for temporary suspension and 270 days for permanent suspension – would lead to bankruptcy.
East Ventures, which also invests in Tech in Asia, incubated CoHive in 2015. The co-working operator last raised US$13.5 million in a series B round led by Stonebridge Ventures in June 2019.
According to its website, CoHive only managed six co-working spaces in Jakarta and Medan as of January. It used to operate in 30 locations across Jakarta, Medan, Yogyakarta, and Surabaya in 2020. The company’s website, however, is no longer accessible.
A version of this article was originally published by Mujahid Fidinillah on Tech in Asia Indonesia.
Editing by Thu Huong Le and Arpit Nayak
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