Oh Yatango, you promised so much. You delivered less. And now you are in voluntary administration.
Where did it go so wrong?
Perhaps you chose the wrong wholesale partner in Optus. Then again, Amaysim has made a good fist of being an MVNO partnering with Optus. So that must not be the reason for your failure.
Perhaps you targeted the wrong market? Young urbanites. The hip. The happening. Come to think of it, that can't be the reason because the same market is targeted and coveted by carriers (including Optus) and other MVNOs.
Perhaps you tried to be a little too 'different' by investing in a system that allows customers to build their own plans? And perhaps that was a very expensive system which ultimately, didn't generate the number of customers needed to achieve scale and a return on investment.
And perhaps you allowed yourself to eat too far into your margins in an effort to win customers. If so, you certainly aren't the only one who has done (and continues to do) that.
Whatever the reason for your failure, it is a spectacular fall from grace for a company that just a few months ago was touting a listing on the Australian Stock Exchange as part of an attempted $6 million capital raising. Luckily for would-be investors, your financial fragility has become apparent before those people parted with their hard earned.
And luckily for your customers, there are plenty of financially stable telcos (including MVNOs) ready to welcome your customers on board.
Let the churn begin and may the telco with the best offer win.