Rocket Internet quietly shuts down mobile classifieds startup Sparklist

German startup juggernaut Rocket Internet announced in November the launch of Sparklist, a hyperlocal mobile classifieds app. The venture chose Pakistan as the first port of call, after which it expanded to the Philippines in January.

It was going head-to-head with Naspers-backed behemoth OLX.

But the startup is already dead. Its global site GetSparklist is gone. Both its Pakistan site and Philippines site don’t work either. A search on the Google Play store reveals nothing.

Emails to Sparklist representatives remain unanswered. A Rocket Internet spokesperson has yet to comment either, despite multiple requests.

By building Sparklist, Rocket Internet was going head-to-head with Naspers-backed behemoth OLX, which spans the globe – including both Pakistan and the Philippines. However, it had hoped to differentiate itself by adopting an app-only strategy, similar to Carousell.

It seems like the strategy backfired – or that Rocket Internet didn’t have the stomach for a fight.

In September, Rocket Internet said it would launch four new startups in Asia every year. Apparently the German company is countering that approach by shutting a few as well in order to maintain equilibrium.

EasyTaxi shut operations across Asia at the start of the year, while carpooling app Tripda was shut down in February. Rocket remains stuck in a quagmire in India, with persistent rumors that it’s looking to exit the country.

Meanwhile Rocket Internet shares are currently trading at US$23.48 on the Frankfurt Stock Exchange, well below their initial offering of US$41.50 in October 2014.

The startup unicorn has come under some intense criticism recently after writing off more than US$2.4 billion in value of its Global Fashion Group, of which Zalora and Jabong are a part.

Rocket Internet founder Oliver Samwer recently said investors need to take a long-term view of the company and not be swayed by “short-term market fluctuations.”

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