Elevenia Indonesia
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
Elevenia (elevenia.co.id) was an Indonesian e-commerce marketplace operated by PT XL Planet, a joint venture between telecom operator XL Axiata (50%) and South Korea's SK Planet (50%). Launched in March 2014, it grew to become Indonesia's third-largest e-commerce platform with nearly 35 million visitors per month and over 20,000 sellers, backed by roughly $60 million in shareholder investment.
02 / Elevenia Indonesia FAILURE REASONS
Failure reasons
Elevenia could not survive Indonesia's brutal e-commerce competition against giants like Tokopedia and Bukalapak. Despite being the third-largest platform, it kept burning money — XL Axiata injected tens of millions of dollars on top of the initial investment — and when both parents decided to exit in 2017, XL Axiata said selling its stake would 'minimize the impact of losses' Elevenia had suffered. The platform was later listed among the Indonesian e-commerce sites that closed in or around 2022.
03 / EVENT HISTORY
Events in the structured record
- Product or service closed
The Elevenia marketplace closed its service on 1 December 2022.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
In 2017, following SK Planet's exit, XL Axiata sold its 50% stake in Elevenia to PT Jaya Kencana Mulia Lestari and Superb Premium Pte. Ltd. (Salim Group entities), saying the move would minimize the impact of losses Elevenia had suffered.
- 02
Elevenia was later listed among the Indonesian e-commerce platforms that closed, reportedly shutting down in or around 2022.