Asia PacificBreaking News

Shox Rumahan terminated all employees, ceased operations: Report

An internal email and letter obtained by a media house from the social commerce startup Shox Rumahan state that as of February 25, all employees have been fired and the company has ceased operations.

Chief Commercial Officer and Co-Founder Maria Octavyani Manao stated in one of the documents that this was caused by the company’s “financial losses” without going into further detail.

On Twitter, two former employees claimed that the business acknowledged having been in the red for two years.

On Shox Rumahan’s LinkedIn profile, the company listed about 100 employees.

Manao founded the business in 2019 along with CEO Sonat Yalcinkaya with the goal of offering home appliances at a reasonable cost through an arisan program. It had warehouses in various Javan cities as well as offices in Jakarta and Yogyakarta.

Shox Rumahan’s mission, according to Yalcinkaya, is to “democratize e-commerce to the 200 million unbanked population” in Indonesia. He stated this on his LinkedIn page.

Using four funding rounds, the company raised $8 million, according to Crunchbase data. In April 2022, it closed its most recent round, raising more than $5 million from backers including Ephesus United, AC Ventures, Teja Ventures, SGInnovate, and Partech.




Related Articles

Back to top button