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Agritech Greenikk shuts down, returns partial capital to investors

EntrackrEntrackr · 1y ago
Agritech Greenikk shuts down, returns partial capital to investors
Medial

Agritech startup Greenikk on Monday said that it is shutting down operations due to funding challenges and adverse market conditions. Greenikk had raised around $1 million in total capital from the likes of 100 unicorns (9unicorns), IIM A ventures, Mastermind Capital, Smart Sparks and other angels such as Mayank Tiwari of ReshaMandi. “We picked up capital during 2022 times when low-interest capital was available and while agri tech was at its peak, we chased the wrong metrics to grow and scale up. The industry dynamics changed making it difficult to raise the next round of Series A round which was planned to be $5 Million,” said Fariq Naushad, co-founder of Greenikk. As per the company, it’s returning partial capital to investors. Naushad also highlighted the challenges of defaults in the agri sector.“Stakeholders are not paying back the loans, we extended loans worth Rs 6 crore for which we faced defaults. Huge receivables were stuck from certain clients as they resisted paying after reaching a significant amount. We spend almost 6 months on the ground to collect 80% of the receivables,” said Naushad. Defaults and collections have become a significant challenge in the agri-tech sector. ReshaMandi, once a prominent player in the space, faced difficulties in collecting receivables, which ultimately led to its downfall. The company struggled with high defaults and mounting liabilities, which forced it to shut down. According to Greenikk, it will provide 2 month severance and job offers via reference to almost 25 employees while the founders (Naushad and Previn Jacob Varghese) are looking at exploring their next phase of entrepreneurial life. Check Greenikk’s shareholding and financials at TheKredible. After a significant fundraising boom in 2021 and 2022, agritech startups are now facing challenges in attracting venture capital for larger funding rounds. Data compiled by TheKredible reveals that agritech startups raised around $150 million across more than 30 deals in 2024 so far. Notably, there were no deals in the agritech space in September. For comparison, these startups secured $636 million in 2021, which increased to $772 million in 2022. However, the sector saw a sharp decline in 2023, with funding dropping to just $178 million.

Exclusive: BharatAgri shuts down operations amid funding crunch

EntrackrEntrackr · 5d ago
Exclusive: BharatAgri shuts down operations amid funding crunch
Medial

**Exclusive: BharatAgri shuts down operations amid funding crunch** Agritech startup BharatAgri has shut down operations after failing to secure new funding and sustain its business amid mounting losses, Entrackr has learned from multiple sources. “Most of the team was let go, and operations have been winding down over the past few weeks,” said one of the sources requesting anonymity. “The company had been struggling to raise new capital for several months, and the management had no option but to gradually scale down operations.” Founded in 2017 by Siddharth Dialani and Sai Gole, BharatAgri offered AI-led farm advisory and agri-input e-commerce services to small and mid-sized farmers across India. Despite early traction and over a million registered users, the company struggled to achieve operating profitability. According to the company’s FY24 filings with the Registrar of Companies, BharatAgri’s operating revenue stood at Rs 5.37 crore, a marginal decline from Rs 5.65 crore in FY23. Losses, however, widened to Rs 22.04 crore in FY24 from Rs 17.89 crore a year earlier. Its total expenses rose to nearly Rs 27 crore, largely steered by employee costs and marketing spends. BharatAgri had raised around $6.5 million in September 2021 and another $6 million in extended Series A funding in October 2023 from Arkam Ventures, with participation from existing investors India Quotient and Omnivore. However, the company was unable to close its next round amid a slowdown in agri-focused investments. According to sources, the firm couldn’t grow much despite early traction. “BharatAgri’s growth slowed down over the past year. High customer acquisition costs and low repeat orders made it difficult to keep the business running,” said the second source, who also requested anonymity. The development comes at a time when India’s agritech sector is going through one of its toughest fundraising phases in recent years. As per data compiled by Entrackr, agritech funding, which peaked in 2022, has seen a sharp decline since then. Indian agritech startups raised $802 million in 2022, but funding plunged 78% to $178 million in 2023 and fell further to $96 million in the first half of 2025. BharatAgri will join the likes of Fraazo, Otipy, Deep Rooted, and ReshaMandi that shut operations even after securing substantial funding. The shutdown reflects the broader pressure on agritech startups that have struggled to demonstrate consistent margins despite growing farmer adoption. Investors have increasingly shifted focus toward downstream agri-supply chains and B2B input distribution models.

IPV-backed electric mobility startup MyPickup shuts down

EntrackrEntrackr · 2m ago
IPV-backed electric mobility startup MyPickup shuts down
Medial

IPV-backed electric mobility startup MyPickup shuts down MyPickup, a subscription-based electric mobility startup backed by Inflection Point Ventures (IPV), has shut down operations after three years in business. The company cited challenges in achieving product-market fit (PMF) and lack of access to patient capital as the main reasons for closure. Founded in February 2023 by Abhijeet Jagtap, MyPickup offered subscription-based electric auto-rickshaw services, allowing commuters to book rides on a weekly or monthly plan with zero cancellations and zero surge pricing. The model was designed to provide predictable fares and reliability for daily commuters. However, the company struggled with scale during non-peak times and underwent four pivots, which, according to Jagtap, did not deliver the customer experience envisioned. As of May 2025, MyPickup was running just 19 vehicles, completing around 4,000 rides per month, and serving fewer than 100 subscribers, albeit with a strong 80% retention rate. These metrics, however, were not compelling enough to attract institutional investors for a larger round of funding. The startup had raised a $179,000 seed round from Inflection Point Ventures in July 2024, which helped it sustain operations for a year. Ultimately, the lack of long-term capital and slower-than-expected traction forced the shutdown.

9Unicorns launches Fund II with target of $200 Mn, rebrands itself to 100Unicorns

EntrackrEntrackr · 1y ago
9Unicorns launches Fund II with target of $200 Mn, rebrands itself to 100Unicorns
Medial

Early-stage accelerator fund 9Unicorns has announced the launch of its second fund following a rebranding exercise. As a result of this rebranding, 9Unicorns will now be known as 100Unicorns. 100Unicorns, a part of multistage investing firm Venture Catalysts Group, has launched its second accelerator fund called 100Unicorns Fund II with a target size of $200 million including a green-shoe option of $100 million. In its first fund, 100Unicorns Fund I (formerly 9Unicorns) had invested in several startups including Videoverse, Trunativ, ZyppElectric, Renee Cosmetics, and IGP. It provides funding ranging from $300,000 to $1 million per startup in the first round, along with product, business and fundraising support. This is followed by $500,000 to $2 million in subsequent rounds with co-investors. 100Unicorns said that it has played a crucial role in the startup ecosystem with initiatives such as DDay and ProStar serving as catalysts for over 80 startups that have collectively secured around $400 million in funding. With the new fund, the fund aims to nurture a pool of 200 outlier startups and propel them to join the billion-dollar club over the next decade.

Bhavish Aggarwal-backed O'Be Cocktails shuts operations

EntrackrEntrackr · 7m ago
Bhavish Aggarwal-backed O'Be Cocktails shuts operations
Medial

Bhavish Aggarwal-backed O'Be Cocktails shuts operations Bengaluru-based O'Be Cocktails used to claim that its cocktails were perfected through over a hundred iterations to deliver a consistent blend for consumers. Alcoholic beverages startup O'Be Cocktails has shut down its operations after operating for more than five years. “It was one of the most difficult decisions for myself to shut down the brand; however, in the long run, we couldn’t justify the direction. After extensive retrospection and analysis, it all came down to one key realization: Alcobev is not a consumer-backed but a commoditized industry, which does not align with our vision of creating a premium and convenient cocktail experience for our consumers,” said Nitesh Prakash, founder and chief executive of O'Be Cocktails in a Linkedin post. “Over the past year, we have made every possible effort to find a suitable buyer for O’ Be ensuring the flow of cocktails doesn't stop, but we believe we have now exhausted all remaining possibilities for a sale,” added Prakash. O'Be raised Rs 3.5 crore in an angel round led by First Cheque, Letsventure, Ola’s Bhavish Aggarwal, Tracxn founder Abhishek Goyal, and Sprout Investments in August 2021. The Bengaluru-based startup also raised an undisclosed pre-Series A round led by Inflection Point Ventures in November 2023. O'Be Cocktails used to offer a variety of drinks available in Goa and Bengaluru. The brand used to claim that its cocktails were perfected through over a hundred iterations to deliver a consistent blend for consumers. O'Be Cocktails was operational in Bhutan and nine states of India. The company also said that it was supported by a network of 22 private distributors and 2 government contracts, making its products accessible in over 1,700 premium wine outlets.

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