Anyone remember Propzy- the realestate.com.au of Vietnam which FDV sold ~2 years ago?
In June this year they sacked 50% of heir staff:
https://www.techinasia.com/vietnamese-proptech-startup-propzy-restructure-laying-50-staff
And 3 month later they closed down:
https://www.techinasia.com/vietnamese-proptech-startup-propzy“Our inability to raise funding amidst the backdrop of an uncertain global environment was the final ‘jab of the knife’ in our young startup,”
It might surprise a few but there was no buyer for the "realestate.com.au" of Vietnam...
With 100% ownership FDV will have to foot the bill to keep its small online ventures afloat. Guess where the money will come from?
My FDV position is tiny and is solely based on the expectation that OLX buys it out. In the current environment that scenario seems less likely.
The company is not FCF positive, even less so now. The Catcha Group knew what they were doing when they sold.
(20min delay)