Tumbasin E-grocery Startup Stops Operating

Startups e-grocery Tumbasin announced it was closed, stopped operating since May 2, 2023. This news was first announced through its social media account.

"Thank you for moving the traditional market together by choosing to shop through Tumbasin. Now is the time for Tumbasin to say goodbye and hope that all loyal Tumbasin customers will continue to preserve the shopping culture of traditional markets," the company wrote.

At the same time, the company said that all of Tumbasin's operations, including the website and applications, would stop operating.

Further quoting from the CEO's upload kill Bayu Saubig on LinkedIn, he said, "I would like to share some difficult and regrettable news. After a long struggle, our company is facing insurmountable financial challenges. With a heavy heart, we must announce that our company will file for bankruptcy."

He continued, "In times like these, it is very challenging to find the right words. However, I would like to express my sincere thanks to all external parties who have worked with our company over the years."

Tumbasin, which is based in Semarang, is here since 2017. The concept proposed is to connect traditional market traders and sell their merchandise to users via the application. Later, the Tumbasin courier will deliver the order to the consumer.

In the last interview in 2020, Tumbasin was present in Jakarta, Depok, Bekasi, South Tangerang, Semarang, Yogyakarta, Malang and Makassar. A similar model is also offered by Titipku which is still operating and entering B2B by targeting holiday segment because the prospects are considered more stable.

Establish a cooperative

A year before announcing this news, the founders of Tumbasin previously established a savings and loan cooperative (KSP) in the same city in February 2022, named KSP Sitra (Joint Partner Synergy).

On the website, M. Fuad Hasbi, Bayu Saubig, and Triasworo Mituhu Subekti joined as administrators and supervisors in the cooperative.

KSP Sitrama itself is a cooperative that focuses on providing funds for market traders and MSMEs with a shared economic system. It was explained that it had attracted 73 members, deposited funds of IDR 1,2 billion during 2021-2022, and distributed funding to traders amounting to IDR 820 million in the same period.

There are three financial products offered. First, a profit sharing loan with a limit of IDR 10 million for traders with a daily profit sharing system for 100-180 days. Second, business capital loans with the same limit with monthly profit sharing and principal payments at the end for 3 months - 12 months.

Lastly, term savings with terms of 6, 12, 18 months with returns of 12%-18% flat per year. The principal savings amount is IDR 100 thousand, while the mandatory savings are IDR 30 thousand.