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Exclusive: BharatAgri shuts down operations amid funding crunch

EntrackrEntrackr · 2h 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.

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Exclusive: Flipkart shuts down ANS Commerce

EntrackrEntrackr · 8m 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.

Exclusive: Kavin Mittal’s Hike shuts down operations completely

EntrackrEntrackr · 1m ago
Exclusive: Kavin Mittal’s Hike shuts down operations completely
Medial

Exclusive: Kavin Mittal’s Hike shuts down operations completely After 13 years of operations, Hike is shutting down completely, including its US business, founder and chief executive officer (CEO) Kavin Mittal informed investors in an email on Saturday. Mittal said the decision follows the recent ban on real money gaming (RMG) in India, which shortened the company’s runway from seven months to just four months. “After much reflection and speaking with a few of you, I’ve decided to wind down Hike operations completely, including the US,” he wrote. Entrackr has reviewed the copy of the email. Soon after the RMG ban in India, Mittal had announced that the company would exit the country to focus on the United States and other global markets such as the United Kingdom, Canada, and Australia. However, the decision to shut down entirely has come as an unexpected move for the gaming industry. The company, which started as Hike Messenger and pivoted to Rush, scaled to 10 million users and generated $500 million in gross revenue in four years. Despite the growth, Mittal said the challenges of taxes, regulation battles, and the India ban made continuation unviable. “Is it worth it? For the first time in 13 years of building Hike, my answer is no,” he said, adding that the company may have been too early for its vision of building a gaming nation, while also pointing to better opportunities in AI and other frontier technologies. According to Mittal, Hike has around $4 million left on its balance sheet, which will be used to settle vendor costs and employee severance. Any leftover funds will be returned to investors. Mittal acknowledged the fatigue within the broader team after years of pivots and regulatory hurdles. “RMG was never the destination. It was a means to prove unit economics and unlock the bigger vision. But we got locked into the Indian market in a tax/regulation battle,” he said. Reflecting on the journey, Mittal noted milestones such as Hike Messenger reaching 40 million MAUs and becoming one of India’s most loved consumer brands. He described the shutdown as a disappointment but emphasized the learnings as “invaluable.” Looking ahead, Mittal said he plans to focus on new frontiers like AI, energy, and personal growth. “This chapter ends, but the climb continues,” he wrote, assuring investors that Hike will be closed responsibly.

Edtech startup Bluelearn shuts operations, to return 70% of capital

EntrackrEntrackr · 1y ago
Edtech startup Bluelearn shuts operations, to return 70% of capital
Medial

Social learning platform Bluelearn on Sunday announced that it has shut down its operations as the firm found it tough to grow fast. The three-year-old firm will return 70% of the capital it raised to its investors. The Bengaluru-based startup had raised nearly $4 million across two rounds from Elevation Capital, Lightspeed, Titan Capital, 2am VC. Angel investors including Vidit Aatrey and Sanjeev Barnwal, Awais Ahmed, Vivek Mohan and others also backed the community driven platform. “We realised that building a venture-scale business with Bluelearn was tough. We had been very conservative with capital, allowing us to return 70% of the capital we raised back to investors,” Bluelearn’s co-founder and CEO Harish Uthayakumar said on X. Founded by Uthayakumar and Shreyans Sancheti, Bluelearn started off as a telegram channel for students to help each other with common questions. At its peak, the startup claimed to have over 250,000 members from various colleges and startups across India and abroad. Since its inception, the company has helped thousands of students with internships, jobs and make friends through its online community. More than half a dozen startups operating in India shut down their operations in 2024 so far. The list counts Resso (India), Rario, OKX (India), Muvin, GoldPe, Koo and Nintee. However, a few of them have also announced to return a significant capital to their investors. For context, Paras Chopra-led digital health startup Nintee, which shut down its operations in April, said that it will return a majority of the capital raised from its investors. Similarly, trading app Investmint will return 25% of capital as it underwent insolvency proceedings. As per a media report, fashion startups Fashinza and Virgo will also return capital to their investors after a failed pivot. As per data compiled by TheKredible, more than 15 startups ceased their operations due to funding crunch and other challenges in 2023.

Tiger Global-backed Toplyne shuts down operations

EntrackrEntrackr · 1y ago
Tiger Global-backed Toplyne shuts down operations
Medial

Plug-and-play platform Toplyne is shutting down operations and returning capital to investors, according to sources who spoke to Entrackr. This decision comes as a surprise, given that Toplyne had raised funding from prominent investors like Peak XV and Tiger Global. “Despite securing sizable funding, the startup struggled with scaling beyond a certain point, leading the founding team to make the decision to wind down and reach out to investors to return remaining capital,” said one of the sources requesting anonymity. Toplyne is a plug-and-play platform designed to help sales teams at product-led growth companies increase conversion rates among freemium users. Founded by Rishen Kapoor, Ruchin Kulkarni, and Rohit Khanna, this three-and-a-half-year-old startup facilitated lead conversion by integrating actionable insights directly into products, enabling companies to turn potential leads into paying customers. “After 3.5 years of building Toplyne, we’ve made the tough decision to wind down operations and return capital to our investors. Despite our best efforts, we couldn’t reach the scale or product-market fit we aimed for,” said Rishen Kapoor in a LinkedIn post. Toplyne has raised over $17 million in total capital from investors including Peak XV, Tiger Global, Surge, Together Fund, and angel investors like Kunal Shah and Harshil Mathur. According to the startup data intelligence platform TheKredible, Toplyne was valued at approximately $80 million in its latest fundraising round. Sources indicate that one of the co-founders, Rohit Khanna, exited the firm sometime last year due to differences within the founding team. Queries sent to Kapoor and Peak XV didn’t elicit any immediate response. Toplyne joins a group of startups that have shut down operations in 2024 while returning partial capital to investors. Others on this unique list include Greenik, Fashinza, Virgio, Investmint, Bluelearn, Paras Chopra-led Nintee, and Karthik Gurumurthy-led Convenio.

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