Gabriel Budi Sutrisno · · 2 min readIndonesian e-grocery firm Tumbasin to file for bankruptcy
Sellers at a traditional market in Central Java, Indonesia / Photo credit: Shutterstock
Tumbasin, an Indonesia-based grocery startup, has shut down its operations.
This comes after the company suffered from “insurmountable financial challenges,” which led to it filing for bankruptcy, CEO and co-founder Bayu Mahendra Saubig said in a LinkedIn post.
Founded in 2017, Tumbasin enabled users to compare prices of groceries across traditional markets and make purchases directly through the platform. In 2021, the startup raised an undisclosed amount in a seed round from Indigo, Telkom Indonesia’s startup incubator, according to Crunchbase.
See also: HappyFresh is safe, but expect more headwinds for Indonesia’s e-grocery
Other founders of the e-grocery startup include Muhammad Fu’ad Hasbi and Tri Asworo Mituhu Subekti. The firm was headquartered in the city of Semarang, Central Java, but operated throughout major areas across the country such as Jakarta, Malang, and Makassar.
In 2020, Tumbasin said it had around 14,000 active users and had partnered with 22 traditional markets and 700 sellers. Directory site Startup Stash listed the firm as a top Indonesian company to watch in 2023, alongside coffee chain Kopi Kenangan and investment firm Pluang.
The e-grocery segment in Indonesia has seen other casualties lately. Local agritech firms TaniHub and Sayurbox have shut down warehouses and B2C e-grocery services, reducing some of their workforces. Meanwhile, Traveloka Mart, the e-grocery service of the travel giant, was closed after only six months of operations.
Editing by Thu Huong Le and Lorenzo Kyle Subido
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