In a surprising turn of events, Hulkma inc, a leading player in the e-commerce space in South-east and South-South region of Nigeria, has announced the shutdown of its online operations, citing unsustainable operational costs and a lack of sufficient investment to support expansion and growth.
The company, which established itself as a key facilitator of B2B transactions, had built a network of over 5,000 B2b partnerships and processed orders exceeding a billion Naira annually. Despite these impressive figures, financial constraints and an increasingly challenging market environment have forced the company to cease its e-commerce activities.
“This was an incredibly difficult decision for us,” stated by Emeh Joy, a spokesperson for the company. “We have worked tirelessly to scale, innovate, and serve our partners, but without the necessary investment to expand into new markets or sustain operations, continuing in the e-commerce space is no longer viable.”
Industry analysts like Statista and IMARC Group note that the e-commerce sector has faced significant headwinds in recent years, including rising logistics costs, inflation, and funding shortages. Many businesses, particularly those operating in emerging markets like Nigeria, have struggled to secure the capital needed to grow and compete.
The shutdown marks the end of an era for Hulkma inc e-commerce wing, which had positioned itself as a major player in the sector. However, the company remains optimistic about the future.
Interviewing the CEO Caleb Anyadike at there headquarter in Asaba, Delta state, He said “This is not the end of our journey, We are exploring new opportunities and will continue to seek ways to create impact in the digital economy, for now, we are redirecting our resources into building amazing products for Nigeria government and corporate organization while also structuring our core business into Fintech solution.”
For now, businesses that have relied on Hulkma inc platform will need to look for alternative partners. Meanwhile, stakeholders in the industry are watching closely to see what the company’s next move will be.
