At least five startups faced closure in 2024 due to various challenges, from financial instability to regulatory issues.

The education platform Zenius was among the most notable names. Officially halting operations on January 22, Zenius announced a temporary pause to recalibrate its approach. The company promised to return with a stronger strategy but had yet to relaunch by year-end. Meanwhile, its offline learning partner, New Primagama, continues operations, emphasizing face-to-face tutoring.

TaniFund, a peer-to-peer lending platform, had its license revoked by the Financial Services Authority (OJK) in May. The company faced accusations of legal violations and was unable to meet its financial obligations. TaniFund had facilitated loans totaling IDR 520.9 billion but still had IDR 122.4 billion in unpaid credit. The startup is now under scrutiny, with OJK and law enforcement investigating potential criminal activity.

GoViet, Gojek's subsidiary in Vietnam, ceased operations in September. After seven years in the market, GoTo Group decided to withdraw from the fragmented and highly competitive Vietnamese market. The company's focus has shifted toward strengthening core markets and achieving profitability in other regions. GoViet accounted for less than 0.5% of GoTo's gross transaction value, making it a less critical market for the company’s broader strategy.

GetPlus, a loyalty program provider, ended services in December after struggling to sustain operations. The company had launched an AI-driven advertising platform in early 2024, collaborating with Ranch Market. Despite innovative efforts, GetPlus could not maintain its multi-brand rewards system, signaling challenges in monetizing its services.

KATADATA, INILAH