30 Jun '13, 5am

Breaking: Rocket Internet's OfficeFab bites the dust in Southeast Asia

Breaking: Rocket Internet's OfficeFab bites the dust in Southeast Asia

Rocket Internet’s OfficeFab bites the dust in Southeast Asia June 30, 2013 by Terence LEE OfficeFab, the online office supplies retailer by Rocket Internet, is shutting down, according to sources familiar with the matter. While the German incubator’s other businesses — Foodpanda , Lazada , and Zalora — have secured hundreds of millions in funding, OfficeFab has quietly vacated its offices in Philippines, Vietnam, Malaysia, and Indonesia, letting go it employees in the process. The website is still live and processing payments for customers and suppliers at the moment. The venture has not announced any external investor support. According to a staff member who declined to be named, the offices were shut down on 28 June. “We were all shocked by the news that day… it’s a little painful, but the higher management decided everything so even though we’re doing well with high rev...

Full article: http://sgentrepreneurs.com/2013/06/30/rocket-internets-of...

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