A mere two months after speaking confidently of its latest pivot, Ensogo CEO Krzysztof Marszalek has stepped down and the company is closing all its SEA e-commerce units. Karamjit Singh has the story, including why this is a rare failure for Patrick Grove.
Ensogo Ltd has cut its staff strength from 600 to under 300 in the first three months of this year, restructuring its business after reporting widening losses for its 2015 financial year.
Today’s segment saw Karamjit Singh talking about his conversation with Ensogo CEO Krzysztof Marszalek, about Shopee introducing its own ‘university,’ and about SushiVid trying to create a marketplace to connect brands to YouTubers.
ASX-listed e-commerce company Ensogo Ltd has managed to raise another A$38 million (US$29.7 million) from institutional investors, by issuing 183 million new shares.
ASX-listed Ensogo Ltd said it has entered into an agreement with WF Asian Reconnaissance Fund Limited (Ward Ferry, a fund managed by Ward Ferry Management) for the placement of 58,823,530 new Ensogo shares to Ward Ferry at a price of 17 Australian cents (US 13 cents) per share.
E-commerce company Ensogo Ltd, formerly iBuy, said it has secured a strategic investment from China’s online discount retailer Vipshop Holdings Ltd. Vipshop will take a 12.2% stake in Ensogo by being issued with primary shares.
Ensogo, formerly known as iBuy, has moved to downsize its operations across the region with significant numbers of staff being laid off in multiple markets.
Ensogo Ltd, formerly iBuy Group Ltd, said it has deployed a fully integrated business process management solution to drive operational efficiencies across its business.
In a week when Khailee Ng shared what he looks for when making investments, and a small hardcore team of grouchy tech journalists raising, Disrupt #25 will delve into ‘What are the right questions for investors to ask?’, so DNA founder Karamjit Singh chips in with his two cents’ worth too.
Despite being ordered by the board to cut A$250,000 a month in opex and witnessing its share price take a dive over the last three months, the soon-to-be rebranded iBuy Group is in the best financial shape ever, claims its new CEO Krzysztof Marszalek.