Evaluating only Giga Lemur’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. Documented cause: Market timing.
Key Events Timeline
FOUNDING
MILESTONE
CRISIS
SHUTDOWN
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Documented cause
Giga Lemur launched as a generalist e-commerce platform in Madagascar believing smartphone penetration would drive rapid adoption. The platform struggled with last-mile delivery in Antananarivo's poorly mapped districts, high return rates, and a consumer base that preferred cash on delivery but lacked reliable address systems. Operational costs ballooned as the team built its own delivery network. When mobile payment adoption failed to materialise at pace, GMV stalled and investors pulled back.
Lesson
“Validate last-mile delivery reliability before scaling SKU count and marketing spend.”