Rocket Internet has shut down Jovago’s operations in Pakistan.
The hotel booking startup launched at the end of 2014 amidst little to no competition. Despite that, it faced an uphill battle both in terms of traction and profitability.
According to sources, as with all Rocket Internet startups, the parent group had asked Jovago to find an investor — local or foreign — in order to continue operations.
Against a backdrop of ever dwindling cash reserves, the company furiously pitched countless local foreign investors with no positive results. Running out of time and money, Jovago let its staff go earlier this month.
With this development, it seems that the company has now permanently closed with all of its work on indexing hotel across Pakistan going to waste.
The Jovago site is currently showing the following message.
Every journey must come to an end. This is the end of our journey.
Sorry, Jovago.net is permanently closed and no longer in business. Thank you for all your support.
This isn’t the first Rocket Internet backed startup to shutdown in Pakistan. Earlier this year, the German giant made headlines when it merged Kaymu’s operations into Daraz.