Gabriel Budi Sutrisno · · 2 min readIndonesia’s Shox Rumahan shuts down, terminates all staff
Shox Rumahan co-founders Maria Octavyani Manao and Sonat Yalcinkaya (second row, middle) with a group of Indonesian women / Photo credit: Shox Rumahan
Shox Rumahan, an Indonesia-based social commerce startup, has ceased operations and laid off all employees as of February 25, according to an internal email and letter seen by Tech in Asia.
This was due to the company’s “financial losses,” chief commercial officer and co-founder Maria Octavyani Manao said in one of the documents, without providing specifics.
Two ex-employees said on Twitter that the company admitted to having been losing money for two years.
According to Shox Rumahan’s LinkedIn page, the firm had around 100 employees.
Manao, together with CEO Sonat Yalcinkaya, founded the company in 2019 to provide home appliances at a competitive price with an arisan scheme. It had offices in Jakarta and Yogyakarta as well as warehouses in other areas in Java.
Yalcinkaya said on his LinkedIn page that Shox Rumahan aims to “democratize ecommerce to the 200 million unbanked population” in Indonesia.
The firm raised US$8 million across four funding rounds, according to Crunchbase data. Its latest round was in April 2022, when it secured over US$5 million from investors including Ephesus United, AC Ventures, Teja Ventures, SGInnovate, and Partech.
Tech in Asia has reached out to the startup for official comments.
See also: This Indonesian social commerce firm digitalized ‘arisan’ and grew revenue 3x
Editing by Thu Huong Le and Lorenzo Kyle Subido
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