1. Startups

Abraresto Culinary Recommendation and Reservation Service Stops Operation

Closing the service due to failing to secure a follow-up funding round

Based on e27 news, Abratable Pte Ltd, the parent company of restaurant recommendation and reservation sites Abratable (for Singapore market) and Abraresto (for the Indonesian market) is rumored to be closing the service. The reason for the closure could not be separated from financial problems related to the funding round.

Abratable enter the Indonesian market about two years ago under the name Abraresto. Shortly after, Abraresto announced has received funding of USD 1,5 million or equivalent to more than IDR 18 billion from an unnamed Indonesian investor. The funding is also used by Abraresto for the long-term development of services in Indonesia.

The result, Abraresto successfully present in a number of big cities in Indonesia such as Jakarta, Bandung, and Bali. Besides, they also promote program carrots, take a local approach, launch the app and optimize the service by adding some excellent features. All in pursuit of significant user growth.

Unfortunately, the existing funding agreement ended in mid-August. Abratable's efforts to obtain funding were also unsuccessful and this resulted in the closure of Abratable's services due to the unfavorable cash flow situation.

Quoted from e27, Abratable Pte Ltd's Founder and CEO Ankur Mehrotra said, “Closing a startup is one of the most difficult things that anyone can do. entrepreneur have to go through. This is very real to me for two main reasons. An amazing team [at Abratable Pte Ltd] and funded bootstrapped at the outset, [investment in] personal funds [and] personal time] […] significantly.”

From the external side, Abraresto also has to face stiff competition in this sector from companies such as Zomato, which have substantial funding support.

For now, we have not received further information regarding the fate of the employees following the closure of Abraresto and Abratable operations, especially for employees in Indonesia. We will inform you further when we have received additional information from Abraresto regarding the closure of their services in Indonesia.

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