Efritin is apparently shutting down


#1

According to TechPoint: https://techpoint.ng/2017/01/10/efritin-shut-down-operations-nigeria/

Social media was still active as at yesterday, but that could just be death throes.

Ah well. :popcorn:


#2

What?

That something else. If this is true I blame it on their extravagance. Instead of working on customers and product dev. They are busy working on less priorities.

My opinion.


#3

Why do startups fail? NOT - the lack of - CASH.


#4

Another story to learn from


#5

if they share that is…


#6

Update: http://techmoran.com/efritin-shuts-down-operations-in-nigeria-lays-off-staff-and-sells-off-assets-amidst-law-suits/


#7

I can’t imagine this can happen to them.

With all their huge budget. .

Let wait and see if the story is true.


#8

This could be the main reason behind them shutting down


#9

Money e haff finish… :joy:


#10

Hungry fools


#11

So can anyone share their background?


#12

I think they were focused on too many targets and that can derail your productivity. The very idea of the company itself is focused on too many things in my opinion. But I’m sure there are other reasons.


#13

So the availablility of cash took em out. Nice

In January 2015, Saltside Technologies, the parent firm of Efritin and Ghana’s Tonaton secured a $40 million investment led by Chinese equity investor Hillhouse Capital with participation of Bangladesh’s PE firm Brummer & Partners and existing lead shareholder Investment AB Kinnevik to reinforce its market leadership positions and expand into new frontier markets. Ironically, this is the money that has caused Efritin’s death.


#14

The leaders of Efritin were also stealing their own company’s money. Can you imagine the greed and stupidity? And now those investors won’t want to invest in Nigeria anymore. It’s sickening.


#15

what’s their office address. maybe I fit see some good deals.