Lamudi Indonesia, a property tech startup, has laid off employees in several departments. Separately, local retail distributor PT Sinar Eka Selaras Tbk, or Erajaya Active Lifestyle, has announced plans to raise 425 billion rupiah ($28.35 million) in an initial public offering (IPO).
Lamudi Indonesia lays off employees
Property tech startup Lamudi Indonesia has slashed the number of employees in several departments, according to a statement on Monday.
The company didn’t provide the details of the number of laid-off employees but said the move was necessary to support the sustainability of the company. “The decision was not easy, but it was vital to give the best services for developers, banks, and our agents,” said Mart Polman, CEO of Lamudi Indonesia.
Founded in February 2014, Lamudi Indonesia was acquired by Dubizzle Group (earlier known as EPMG) in 2020. In 2022, Lamudi acquired the property business of OLX Indonesia, making it one of the biggest property tech startups in Indonesia. In the last two years, the company recorded paid customers growth of 185% and revenue of 88%.
Erajaya Active Lifestyle to raise over $28m in IPO
Indonesian local retail firm PT Sinar Eka Selaras Tbk, commonly called Erajaya Active Style, plans to raise 425 billion rupiah ($28.35 million) in an initial public offering (IPO), the company announced on Monday.
It has issued over 1 billion new shares with a price of 370-410 rupiah apiece. The book building is scheduled from July 14 to July 26, 2023 and the listing date will be August 8, 2023.
The funding from the IPO will be used for expansion and working capital. Currently, the company has 28 mono-brand stores, 36 multi-brand stores and 56 distribution centres, and also official stores in Tokopedia, Shopee, and Blibli. The company aims to have 500 stores in the next five years, Djohan Sutanto, CEO of Erajaya Active Style told reporters.
Erajaya Active Lifestyle is part of PT Erajaya Swasembada Tbk, one of the biggest retail and distribution firms in Indonesia. It distributes and markets lifestyle products.
