Ensogo to shut operations in Southeast Asia—report
Amid mass layoffs and the resignation of its CEO, e-commerce company Ensogo on Tuesday announced that it will be shutting down all of its business units in Southeast Asia, a report by Tech in Asia said.
“Ensogo Australia […] will no longer provide financial support to its subsidiary Southeast Asian flash sales and marketplace business units. These business units will be shut down. All staff have been informed and communications will be made to customers in the coming days,” Ensogo was quoted as saying in a statement.
Ensogo said the decision was made to “preserve the company’s cash for new investment opportunities.”
Formerly known as iBuy, Ensogo started as a Groupon-style site in Thailand and expanded its operations to Indonesia, Philippines, and Hong Kong.
It was founded by entrepreneur Patrick Grove of the Catcha Group. YG/JE
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