Why Airy Indonesia Failed?

Airy is Indonesia startup, was founded at the end of 2015. Started as VHO (Virtual Hotel Operator), which a business model also adapted by OYO, then 2 years later Airy joined as a player of OTA business. 

Airy known as a budget hotel, starting from 150,000 rupiah you can get a good quality hotel. Airy’s growth was quite good actually, but when the pandemic hits, they are collapsed. Many other businesses are suffering from the pandemic, but why Airy failed yet other businesses similar to them still survive?

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