Indonesia Digest: BlackGarlic shuts down ops; Fintech P2P Modalku to launch app

BlackGarlic website

Indonesian on-demand fresh ingredients provider BlackGarlic has declared that it will shut down operations starting tomorrow, 15th July 2017. The service will be taken over by William Wongso Kuliner, who helped developed the product. Meanwhile, P2P lending Modalku announced that it will be launching a new app.

BlackGarlic shuts shop

BlackGarlic – founded by the same team that developed the on-demand food delivery service Klik-Eat, which was eventually acquired by Japan’s Yume no Machi – will shut down after two years since its inception in 2015.

The startup had received undisclosed sum of money from Convergence Ventures and Skystar Capital back in 2016.

BlackGarlic had served over 10,000 customers who ordered more than 80,000 meals during its time.

“Dear other startup founders, a journey of building a successful startup is never easy. My success in the previous startup clearly does not guarantee that this one would also follow the same path. Even though we all know that not all businesses would triumph, the experience of having to close down a business that I had built for two years with my co-founder, with all the ups and downs, tears and hard work, still hurts,” Michael Saputra, founder of BlackGarlic, wrote on his Facebook wall.

“On the other hand, this failure has given me much more important lessons than my previous successful experience. So, don’t give up, give everything that you have. No matter what the end result is, the experience that you get will only make you stronger, personally and professionally,” Saputra ended his emotional note.

Modalku launches new app

P2P lending platform Modalku has announced that it will launch a new app next week. The app will be a “new innovation for lenders and debtors alike”, and is hoped to further bolster Modalku’s mission to support the small and medium enterprises in Indonesia.

Currently, Modalku serves users in Jakarta, Bandung, and Surabaya. It has been officially registered in the Indonesian Financial Services Authorities (OJK) since June 2017.

Modalku is recently reported to have made it into the CB Insights’ Fintech 250 list, according to Digital News Asia. The list comprises of a “group of emerging private companies working on groundbreaking financial technology.” It is the only P2P lending firm from the region selected to be on the list.

The CB Insights research team selected the Fintech 250 companies based on several factors, including data submitted by the companies and the company’s Mosaic Score – a metric that measures the overall health and growth potential of private companies.

Also Read:

Jakarta meal delivery startup Black Garlic bags seed funds from Convergence, Skystar

Indonesia P2P lending platform Modalku raises $1.2m from Alpha JWC, others

Indonesia’s Mitrausaha launches peer-to-peer lending platform Modalku

Indonesian startup Jukir acquires fintech firm Wallezz Finansial

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