Failed 2023
Sirclo (Layoffs)
Indonesia's Shopify-equivalent Sirclo raised US$130M then conducted significant layoffs and shut acquired brands as Indonesian e-commerce SaaS margins disappointed.
Founded → Closed
2013 → 2023
Funding Raised
$130M
Industry
E-commerce SaaS
Country
Indonesia
Full Analysis
Jakarta-based Sirclo built e-commerce SaaS for Indonesian merchants and acquired several brands. After raising ~US$130M, the post-COVID e-commerce slowdown and a profitability push forced multiple layoff rounds and divestitures in 2023.
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