HypeFast Co-founder and CEO, Achmad Alkatiri explained that this move was not easy but important for the organisation to stay profitable, hit a positive cash flow and to continue generating revenue growth.
Founded in January 2020, Hypefast helped local brands to generate over 500 million rupiah (US$32,627) in revenue, facilitating their business growth, particularly within online sales channels. The company additionally extends debt capital support to these brands.
As indicated by Alkatiri, Hypefast’s 2022 financial report revealed a remarkable net revenue of US$43 million, demonstrating an impressive near-doubling from its preceding year’s figure of US$22 million.
Although the company did not disclose the specific number of employees affected by the layoff, they will provide health insurance for their families until the end of 2023, offer outplacement support, and allow more flexible timing for employee stock ownership plan (ESOP) tax payments.
