The ecosystem of startups in India is quite interesting. Every now and then, we come across names that have turned successful and are truly lucrative. For instance, brands like Ola, Paytm and Flipkart made it big online. However, a recent study revealed that for every 90 startups, only 10 to 12 become successful. And, the rest is mere sad stories. The year 2020, has started off with many great ideas and ventures. Still, some brands didn’t make it through.
In this post, you will read about startups that shut down between 2019 and 2020.
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Does the sound of Doodhwala appear familiar? Maybe, you had once installed this application. This tops the list of failed startups in India. The company was founded in the year 2015. It focused on delivering milk to every household. The application was widely used in Bengaluru, Pune and Hyderabad. Unfortunately, its operations were taken over by Fresh home. And, now the application Doodhwala is no longer functional.
Getting the right kind of funding for any startup is not easy. But, this company was more than lucky to get funding of 250,000 USD from angels.
This startup was keen on handling errand services. It was known around the country with the hashtag #getapeon. Indeed, the company took off perfectly. But, the founders had a different opinion in mind. The founders of RUSSSH strongly believed that the company cannot continue its operations because it didn’t form the right team. With more than 50,000 loyal clients in its database, this application had a massive impact when it closed its doors.
If you have ventured into the world of cryptocurrencies, you would have heard the name Koinex. This company follows a peer to peer exchange model. From the beginning, the company helped aficionados with easy and reliable trading options. It supported the trading of many cryptocurrencies like bitcoin, ripple and more. It was a simple platform for all kinds of cryptocurrencies. However, this startup didn’t excel well. Though selling on the platform was absolutely free, you had a fee for trading. But, this was not why it closed its business. Due to government regulations and changes in rules, this company had to shut down.
As suggested by its name, this application deals with loans. Many small cities in India don’t have a means of collateral-free loans. This application is meant for such candidates. Unfortunately, the company had to close because it didn’t raise sufficient capital.