In a dynamic entrepreneurial environment, start-up shutdowns are a part of the ecosystem. This is an undeniable fact.
In the year 2017, the shutdowns for start-ups in India were no different, with a total of 8 start-ups winding down their operations and two gave up some part of their business.
Here is the list of 3 start-ups that had to shut-down.
Stayzilla was launched in 2005 and was founded by Yogendra Vasupal (Yogi), Rupal Yogendra and Sachit.
This was initially launched as an online travel agency for hotel bookings named Inasra. Later, they renamed the platform to Stayzilla and pivoted to a hotel aggregator model in 2010. They got their funding in three rounds and raised a net worth of $33.5 Million in 2016. It was backed by investors including Matrix Partners and Nexus Venture Partners.
The reason for shut down was lack of local network effect, inability to expand quickly, and cost-effectively plus high costs and low revenues.
The start-up is caught up in a legal trouble, following the shutdown, Yogi was arrested on charges of fraud.
Launched in 2015 Taskbob is Mumbai based start-up which was founded by Aseem Khare, Abhiroop Medhekar, Ajay Bhatt and Amit Chahalia.
Taskbob was started with a vision of creating happy households. It gave moment, great home administrations while driving higher profitability for servicemen.
The aim was to redefine home services in India by considering three of the key points: delays, poor quality and lack of price transparency.
This start-up was founded in 2015 by Sharique Khan and Monajeet Sinha
Splitkart was a mobile application that helped clients in part the bill and plan outings. The application additionally exhibited bargains from close-by eateries and bars and included online life-sharing choices.
The shutdown was accounted for in June 2017 and reasons are not clear yet.
According to a report, the authors are caught up with redesigning the site yet did not share a particular course of events for restarting activities.
Right now, the application isn’t accessible on Google Play Store or iOS store. The site too isn’t operational.