Fabelio Declared Bankrupt, Must Complete Obligations

Startups E-commerce Fabelio furniture products (PT Kayu Raya Indonesia) officially declared bankrupt. Based on the announcement of bankruptcy in the newspapers, the statement was decided by the Commercial Court at the Central Jakarta District Court No.47/Pdt. Sus-PKPU/2022/PN.Niaga.JKT.PST, dated October 5, 2022.

In this decision, the court granted the bankruptcy decision against PT Kayu Raya Indonesia. "Declare the Debtor (PT Kayu Raya Indonesia) is in a state of bankruptcy with all the legal consequences," wrote the announcement of the bankruptcy decision, quoted from Dataword.

The first creditors' meeting is set for this week (17/10). This was determined by the Supervisory Judge on 6 October. Meanwhile, the deadline for submitting creditors' bills and tax bills is set for next month (14/11) no later than 17:00 at the management office.

Furthermore, the meeting for verification of receivables/claims from creditors and the tax office is scheduled for the following week or November 28 at 10:00 at the Commercial Court at the Central Jakarta District Court.

"In connection with the decision of the Commercial Court at the Central Jakarta District Court and the determination of the supervisory judge, we invite creditors, debtors and other interested parties to attend these meetings."

Previous, this issue has long been sticking out in the mass media since last year starting with the company's failure to pay salaries of employees and vendors since September 2021. In fact, a petition appeared that had been signed by 3.125 people until December 14, 2021.

Management argued that this condition occurred because of the pandemic which limited the movement of people's activities to leave the house. However, according to The Ken's report, this reason is contrary to the condition of its competitors, which actually thrive. Alias ​​Fabelio's problem was his own doing.

Apart from Fabelio, DailySocial.id also compiles a number of startups that are closed throughout 2021 to this year. Here's the list:

1. Bonza

Based on search DailySocial.id, the startup closed earlier this year. From LinkedIn page Bonza co-founder, he is no longer working at Bonza as of January 2022. The official website is also inaccessible. This startup has also been included in the previous portfolio list at East Ventures.

East Ventures has twice injected startups founded in 2020 by Elsa Chandra and Philip Thomas. The total funds obtained by Bonza reached more than IDR 35 billion from various investors, not only East Ventures. When asked about the status of Bonza, East Ventures declined to comment.

Bonza is a startup big data whose ambition is to help companies translate their data from multiple sources to integrate using AI and machine learning to help make decisions at optimal scale.

2. Jipay

This news is live confirmed by Dayana Yermolayeva as CEO through uploads on the LinkedIn page. Jipay is startup fintech for domestic workers (PRT) who provide a card prepaid and applications for families in managing expenses through their domestic workers.

He decided to stop Jipay not because he ran out of money, but because he failed to reach product-market-fit. From the results obtained, Jipay's solution is not able to change the habits of families and domestic workers in managing financial budgets. Growth actually occurs because it is driven by cashback, which leads to a lack of loyalty, and is bad for business in the long run.

With the business model in place, in the end Jipay only became a remittance platform. Which, in Singapore there must be a special license, not to mention the thin margins.

“In the end it comes down to simple math. Given our current funding, we will not generate enough remittance revenue in Singapore to scale up our series A, while expanding to our next market, the UAE, will require significantly more investment,” Yermolayeva wrote.

He concluded, “A tough few weeks have been filled with questions and ambiguity, but I want to thank investors and my team for supporting me every step of the way.”

Jipay has secured $1,3 million in seed funding from East Ventures, SHL Capital, and several angel investors.

3. Orory

Although there has been no official statement from management. From search DailySocial.id, The startup founded by George Budi Sumantri and Triono J. Dawis has stopped operating around April 2021.

Both the site and the Orori headquarters have been closed. The company is accused of failing to return funds from the public who invested through gold and bought jewelry through gold Orori. Orori's social media account on Instagram was bombarded with consumers unable to withdraw their funds.