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Exclusive: Apollo Tyres shuts down car service platform Trumigo within 6 months

EntrackrEntrackr · 11m ago
Exclusive: Apollo Tyres shuts down car service platform Trumigo within 6 months
Medial

Multinational tyre manufacturing company Apollo Tyres has shut down its doorstep car service initiative, Trumigo, sources told Entrackr. Significantly, the platform has discontinued its services within six months of its launch. As per sources, the company failed to find traction and compete with other alternatives available in the market. “Trumigo has laid off nearly 100 employees (including 75 ground staff) in the process. It did not provide severance pay to the entire ground staff and several full time employees,” said a source on the condition of anonymity. Launched in February, Trumigo used to provide car maintenance services directly to a customer’s doorstep. Initially, it was launched for Gurugram with plans to expand to cover the entire Delhi (NCR) region. Trumigo’s website isn’t working for a while, point out sources. It has also been throwing error messages for the past three days. Several former employees also hinted at financial irregularities in the company which are currently being audited. Entrackr couldn’t verify these claims independently. Queries sent to Trumigo’s chief executive, head of product, CHRO and Apollo Tyres’ group head did not elicit any response until the publication of the story. We’ll update the post as and when they respond. Trumigo is the second company from the car servicing space to go down after GoMechanic which also had gone through a forensic audit. After establishment of financial irregularities and inflated revenue, several investors including Peak XV wrote off their investment in the firm. GoMechanic was eventually acquired by Lifelong Group’s Servizzy in a distress sale. GoMechanic, which was once seeking a billion dollar valuation, recently raised $6 million from a group of investors at a valuation of $20 million.

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Exclusive: Amazon shuts down refurbished platform Renewed

EntrackrEntrackr · 4m ago
Exclusive: Amazon shuts down refurbished platform Renewed
Medial

Exclusive: Amazon shuts down refurbished platform Renewed Amazon has decided to shut down its refurbished platform, Renewed, citing increasing challenges. The e-commerce giant has informed sellers of the immediate discontinuation of the service via email. Entrackr has reviewed the copy of the email. “We have made the decision to discontinue selling external refurbished products on Renewed due to high returns/rejects and the Contacts per unit impacting customer experience. Please stop inbounding any inventory to FCs and scheduling pickups from your SF location starting 7th March 2025. We understand this may be disappointing and would like to thank you for your partnership,” Amazon said in a note to sellers. Launched in 2017, Amazon Renewed is a platform where customers can buy refurbished, pre-owned, and open-box products that have been thoroughly inspected and tested to ensure they function and look like new. It offers a variety of items, including smartphones, laptops, tablets, cameras, and home appliances. Meanwhile, Newjaisa, a publicly listed company that used to sell on Amazon, has written to the NSE stating that the shutdown will impact them in the short term. However, Newjaisa is actively collaborating with other retailers to mitigate the effects. According to sources, over 50% of Newjaisa’s revenue came from Amazon Renewed. Entrackr has reached out to Amazon for comments. Amazon Renewed was a direct competitor to Yaantra, which was acquired by its arch-rival Flipkart for an undisclosed sum in January 2022. It’s worth noting that Amazon has also tied up and invested in Cashify, a prominent Indian re-commerce platform specializing in the buying and selling of used electronic devices. With the shutdown of Amazon Renewed, the refurbished space is left with these two prominent players.

Exclusive: Flipkart shuts down ANS Commerce

EntrackrEntrackr · 4m ago
Exclusive: Flipkart shuts down ANS Commerce
Medial

url: https://entrackr.com/exclusive/exclusive-flipkart-shuts-down-ans-commerce-8765612 Content: Flipkart has decided to shut down ANS Commerce, its full-stack e-commerce enabler, three years after acquiring the Gurugram-based company, sources familiar with the matter told Entrackr. "Flipkart has decided to shut down ANS Commerce and has also laid off several employees associated with it," said a source familiar with the matter, requesting anonymity. Confirming the development to Entrackr, a Flipkart spokesperson said, “'After careful consideration, ANS Commerce, a full-stack e-commerce enabler that was acquired by Flipkart in 2022, has decided to close its operations. As we wind down operations, we stay committed to ensuring a smooth transition for all stakeholders, including employees and customers.” “To minimize the impact on employees during this transition, we plan to offer internal opportunities at Flipkart, outplacement services, and severance packages,’ the spokesperson added. Founded by Amit Monga, Vibhor Sahare, Sushant Puri, and Nakul Singh, ANS Commerce is a full-stack e-commerce enabler offering services such as store tech, performance marketing, marketplace management, e-commerce warehousing, and fulfillment. It collaborates with over 100 brands, including Jack & Jones, Vero Moda, HUL, Piramal, Lakme, Nivea, Oziva, CEAT, and Bikanervala. The firm raised $2.2 million in its pre-Series A round, led by Gokul Rajaram and Venture Catalysts in October 2021. According to sources, ANS Commerce was acquired in a deal worth Rs 250-300 crore ($35-40 million) three years ago. During FY24, ANS Commerce recorded a 39.4% increase in operating revenue to Rs 54 crore, compared to Rs 39 crore in FY23. However, the company's net loss widened by 27.1% to Rs 73.8 crore in FY24 from Rs 57.8 crore in the previous year.

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