Abraresto

Oct 7, 2015

about 1 hour ago Abraresto shuts down its operations due to financial issue / Shutterstock According to a report by e27, Abratable Pte Ltd, the parent company of Abratable (in Singapore) and Abraresto (in Indonesia) plans on shutting down the service due to funding-related financial issue it faces. Abratable entered Indonesia around two years ago by the name of Abraresto and announced a funding worth USD 1,5 million (equal to IDR 18 billion) from undisclosed Indonesian investor shortly after. The funding was allocated to deliver long-term development in Indonesia. In result, the service successfully entered Jakarta, Bandung, and Bali. Moreover, it also launched the carrots program , did local approaches, launched its app, and optimized the service by adding flagship features. All that for significant user growth. Unfortunately, the funding deal was over in the middle of last August. Abratable’s attemp to raise another funding also failed, leaving the team with no option other than shutting down their services. As quoted from e27, Abratable Pte Ltd’s Founder and CEO Ankur Mehrotra stated, “Shutting down a startup is one of hardest things an entrepreneur has to get through, mainly because of two reasons. An awesome team [of Abratable Pte Ltd] and initial bootstrapping attempts, personal cash [investment] and time […] significantly.” From external point of view, Abraresto also has to face strict competition from Zomato with its huge sum of investment. For the time being, we have yet received any confirmation on the venture of its employees, especially those working in Indonesia. We’ll keep informing you once we receive any conformation from Abraresto. Share: