Geofla and OTEX JAPAN enter bankruptcy proceedings

Two Japanese companies, Geofla and OTEX JAPAN, have recently received court decisions to begin bankruptcy proceedings, according to reports from Teikoku Databank.

Geofla, a Tokyo-based company founded in March 2023, operated the “Plary” app, which rewards users with points for walking and checking into locations. Despite reaching annual revenues of approximately 1.02 billion yen in the fiscal year ending February 2026, the company faced a deficit of 835 million yen due to rising personnel, development, and transaction costs. Geofla’s liabilities are estimated at 550 million yen. The “Plary” business has been transferred to another company and continues to operate.

OTEX JAPAN, based in Nagano City, was a company specializing in exterior construction and used car sales. Founded in 1996, the firm attempted to pivot into a specialized custom vehicle business in July 2024 to combat declining profitability in its core sectors. However, this new venture failed to gain traction, leading to increased debt and cash flow issues. The company reported liabilities of approximately 96 million yen.