Indonesian travel booking site Tripvisto has hit major turbulence and ceased trading.
CEO Bernardus Sumartok told Tech in Asia ‘worsening unit economics’ have proved insurmountable, while a former employee quoted said the business had been struggling since May 2017.
"Management tried to improve the situation by entering partnerships with media and telcos to help promote tour packages, but that strategy also failed," it reported.
Tripvisto had financial backing to the tune of $1 million from VC firm Gobi partners in 2015
Tripvisto offered tour packages in a once crowded market which has seen several players fall victim to intense competition.
The traditional online tour package market is also under threat from Indonesia’s well-funded OTA players like Traveloka, Tiket.com and PegiPegi.
Market leader Traveloka bagged $500 million earlier this year from investors including Expedia.
