UPDATE 3 [October 6, 2017]: Efritin has shut down operations in Nigeria for good. Website functionality is no longer accessible and the app has been deleted from the Play Store.
UPDATE 2. Comments from Nils Hammer, CEO of Saltside Technologies (the Swedish-based parent company to Efritin). Read here.
UPDATE 1: A reliable source confirms that company property is currently being auctioned at the Efritin Lagos office. Notwithstanding, the Efritin website is still active and running. We will keep you posted on any related developments.
Original story below
Information reaching us yesterday suggested that online classifieds marketplace, Efritin was exiting the Nigerian market.
We originally got tipped off by an unexpected comment posted on an outdated article about Efritin.
On further investigation, we received confirmation of the exit from a reliable source. According to our source, who pleaded anonymity, operations indeed shut down officially yesterday. That’s about how much they revealed.
It is unclear exactly why this is happening, especially considering how much buzz the startup generated last year.
Suggested Read: Efritin’s new office is redefining everything you know about Company Culture.
Efforts to reach out to Efritin management for comment proved abortive.
This is a developing story.
I bully myself because I make me do what I put my mind to.
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So unfortunate but really the problem with most startups is that they never took their time to acclimatize their ideas and merge them with local realities (especially the financial outlook) so they can operate within achievable goals and not be driven overboard by pure ambitions. Nigerian startups (especially foreign copycats) needs to be more financially cautious and operate carefully with local realities.
You are really spot on on this, most a times the thirst for fanciful office space, choice locations kill start ups before they actually start. What then is the advantage of technology if a business that should still have her office at oworoshoki is trying to get one for herself at Ikoyi? The other day techpoint reported a we hosting company based in Jos who have most of her customers in Lagos. Some startups that should still be operating from the garage are rushing to open a luxury office space. Keep the expenses down and stay modest until the numbers tell you to show up.
Exactly. The expensive “fancy rush” has been the major killer of most Nigerian startup!