Founded Year
2003Stage
Acquired | AcquiredTotal Raised
$26.6MMissing: Multiply's Product Demo & Case Studies
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Multiply Patents
Multiply has filed 1 patent.

Application Date | Grant Date | Title | Related Topics | Status |
---|---|---|---|---|
1/2/2013 | 8/23/2016 | Telecommunication theory, Information theory, Radio resource management, Broadcast engineering, Multiplexing | Grant |
Application Date | 1/2/2013 |
---|---|
Grant Date | 8/23/2016 |
Title | |
Related Topics | Telecommunication theory, Information theory, Radio resource management, Broadcast engineering, Multiplexing |
Status | Grant |
Latest Multiply News
Jun 28, 2013
Credit: blogs.terrapinn.com The rise and fall of Indonesiaâs popular online marketplace Multiply has been one of the biggest stories in the country this year. Things were looking good from a bystanderâs point of view last year as the team was preparing to revamp the shopping site and brand in order to boost its effort to be Indonesiaâs and Southeast Asiaâs number one marketplace. After that revamp, everything went wrong and soon Multiply was shut down. While we have our own thoughts as to what went wrong, Multiplyâs former Indonesia country manager Daniel Tumiwa (pictured right) held a sharing session yesterday to answer that question himself. One of the main objectives of the session – run by the Association of E-Commerce Indonesia (Idea – was to help grow the industry by sharing what he learned during his tenure at Multiply. Daniel himself is also the chairman of âIdea.â Hereâs what he had to say: Why Multiply was shut down Daniel underlines the fact that when he was first recruited into the team two and a half years ago, the objective he got from Multiplyâs investors was clear: build a world-class team, and be the marketplace king in Southeast Asia. And that they must not fail at any cost. The investors were very serious and determined to make Multiply huge in the regionâs fast-growing e-commerce industry. Along the way, the team consistently achieved its targets. They were recording 100 percent transaction growth on a monthly basis, from just 40 transactions a day up to 1,800 daily transactions, and the number kept on growing until its surprise closure. However, Daniel said that it took too much time for the team to revamp the site. They were still fulfilling their targets during that transition (as the blog platform was closed down to focus fully on e-shopping), but investors MIH saw that while Multiply was moving at a good speed, MIHâs other major portfolio company in the country, TokoBagus, was accelerating at even faster speed. He points out that the C2C marketplace business model still works very well in Indonesia, just not as well as the product listing online shopping model used by players like TokoBagus. Multiply announced its decision to shut down on Friday, April 26th. Daniel said that he received word from the investors just two days before, on Wednesday. âWe prepared all the necessary things inside those two days,â Daniel recalls; he announced the shutdown decision to his team twice, and then handed them written statements about what happened and gave their severance packages to ensure that his employees didnât think that Daniel was joking. Just say no to bank transfers I found two interesting points to Danielâs Multiply story that people in the e-commerce industry should take note of. The first one is that he regretted not saying ânoâ to the inter-personal bank transfers as a payment option between buyers and sellers. The site had two types of merchants when it came to payment methods: one kind had five to six Blackberry phones, each catering to one bank account notification from the storeâs buyers; and the other type who made use of Multiplyâs escrow payment system. Daniel wanted to cater to the siteâs merchants who preferred personal bank transfers, because though itâs a laborious and old-fashioned system, there are some people who do not like change, or who didnât trust Multiplyâs escrow system yet. But these sellers, Daniel explains, became Multiplyâs biggest problem. Fraud, late deliveries, and numerous other problems were rife among merchants who avoided escrow. âI thought itâs OK to let them sell via personal bank transfers by informing users that these are not Multiplyâs trusted sellers,â he adds. But in the end, the badge didnât matter because users would still think that these sellers were trusted by Multiply. However, if the sellers are bad, then Multiply looks bad too. He notes that in the end, the second generation of sellers, the ones that used Multiplyâs escrow payment system, eventually outnumbered the ones who stuck with old-fashioned cash transfers. He believes that this trend will keep on growing, whereby sellers would prefer to use a marketplaceâs online payment system rather than doing it all themselves. Mobile is very important Another thing that Daniel highlighted is the fact that the confidence surrounding the e-commerce industry in Indonesia is rising very fast. Everyoneâs hearing more and more positive stories from people who bought stuff online, and he believes we can expect a huge rise in the e-commerce business within the next two to three years. But if you really want to be an important player, then you need to cater to mobile users in Indonesia. Before Multiply was shut down, 40 percent of its transactions was done via mobile browser. That is a huge fact that any online shops in Indonesia should heed. Weâve seen notable e-commerce players in Indonesia like TokoBagus and Rocket Internetâs Zalora taking this step by launching their own mobile apps recently. âMultiplyâs Got Talentâ As the planned shutdown neared, Multiply held an event to let help its employees get hired by other companies called âMultiplyâs Got Talent.â Daniel was happy to see about 86 companies signing up for the talent hunt. This freeing up of human resources in Indonesiaâs tech sector is one of the things that Ideosource director Andy Boediman pointed out when summing up the positives to Multiplyâs downfall. Now Daniel has taken on another job in the e-commerce industry as vice president of the e-commerce division at Indonesiaâs flagship airline Garuda Indonesia. (Edited by Steven Millward)
Multiply Frequently Asked Questions (FAQ)
When was Multiply founded?
Multiply was founded in 2003.
Where is Multiply's headquarters?
Multiply's headquarters is located at 6001 Park of Commerce Blvd, Boca Raton.
What is Multiply's latest funding round?
Multiply's latest funding round is Acquired.
How much did Multiply raise?
Multiply raised a total of $26.6M.
Who are the investors of Multiply?
Investors of Multiply include Naspers, PJC, VantagePoint Capital Partners, ABS-CBN and TransCosmos.
Who are Multiply's competitors?
Competitors of Multiply include LinkedIn and 3 more.
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