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Kalaari-backed Peer Robotics shuts down operations
Entrackr
·
3m ago
Medial
Kalaari-backed mobile robotics solutions platform Peer Robotics has shut down, as the US-headquartered company is no longer operational and unable to continue its business activities. The board of Peer Robotics has passed a resolution during a shareholders’ meeting, approving the removal of the company’s name from the records of the Registrar of Companies (RoC), according to a regulatory filing sourced from the Ministry of Corporate Affairs. "The company has not conducted any business activities for the past two years, and the board of directors believes it will be unable to resume operations in the future," the filing further stated. Founded in 2019 by Rishabh Agarwal and Tanya Raghuvanshi, Peer Robotics is designed to work with humans by mirroring workflows in manufacturing operations on repetitive tasks, saving time, increasing efficiencies, and reducing injuries. The platform offers adaptive robots in manufacturing, assembly lines, and warehousing segments. Peer Robotics has raised $2.3 million in a seed round in 2022, led by Kalaari Capital and with the participation of Axilor Ventures, Connecticut Innovation, and Innopact VC. It was also a part of the Stanley+Techstars Accelerator programme. The company’s financials also indicate a shutdown or inactive status, as it reported nil revenue and a marginal loss in FY24, according to its annual financial statement. Peer Robotics had posted a modest revenue of Rs 34 lakh in FY23, a sharp decline from Rs 1.33 crore in FY22.
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Lightspeed-backed Frontrow shuts operations
Money Control
·
2y ago
Medial
FrontRow, a startup backed by Lightspeed, has made the decision to shut down its operations. The reason for the closure has not been disclosed. FrontRow offered online learning courses in the fields of music, arts, and sports. The shutdown comes as a surprise and indicates the challenges faced by startups in the competitive edtech industry. This came months after the company laid off 75 percent of its staff and said it would “start from scratch.” After two rounds of layoffs in May and October 2021, the company was left with about 35-40 employees.
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Bhavish Aggarwal-backed O'Be Cocktails shuts operations
Entrackr
·
4m ago
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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Peak XV-Backed Toplyne Shuts Operations
Inc42
·
9m ago
Medial
- Toplyne, a SaaS startup, is shutting down its operations due to inability to scale and find product-market fit. - The company's co-founder and CEO, Rishen Kapoor, announced the decision to shut down. - Toplyne plans to return capital to its investors, including Peak XV Partners and Tiger Global. - The startup, founded in 2021, offered an AI-powered platform to assist product-led companies in converting free users into paid ones.
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Faad Network-Backed Gen AI Startup InsurStaq.ai Shuts Operations
Inc42
·
10m ago
Medial
Delhi NCR-based generative AI startup, InsurStaq.ai, has decided to shut down its operations due to significant challenges. The startup, founded in 2022, was focused on developing Gen AI infrastructure for the insurance industry. The decision to shut down comes amid the growing popularity of generative AI in India. Founder Mayan Kansal expressed gratitude to the team and mentioned the difficulties that led to the closure in a LinkedIn post. This year, several other startups, including Bluelearn, My Tirth India, and Nintee, have also ceased operations.
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Paras Chopra’s Nintee shuts down, to return investors’ money
Entrackr
·
1y ago
Medial
Nintee, a digital health startup launched by Wingify founder Paras Chopra, has announced shutting down its operations after a year of launch. In a blog post, Chopra said that the majority of funding raised by the company is still remaining and will be returned to investors over the next few weeks. Nintee was backed by the likes of Peak XV Partners, Kunal Shah, and others. “Our original hypothesis was to use AI for helping people build better habits to transform their lives. This attracted a passionate niche, but we couldn’t build conviction that it could be a VC-scale business,” said Chopra. After abandoning the initial idea, the firm tried another pivot to explore education and learning related ideas, but Nintee team quickly discovered that building a successful consumer app today is very hard. Nintee has provided four months of severance to the impacted employees and also offered them to join Chopra’s other company VWO at the same salary. Nintee was the third company founded by Chopra after VWO and Wingify. His bootstrapped company Wingify reported back-to-back profits in the past fiscal years. Its revenue from operations increased 16.8% to Rs 223 crore in FY23 with Rs 51 crore profit after tax. Around half a dozen startups operating in India have announced shutting down their operations in the ongoing calendar year so far. The list counts Resso (India), Rario, OKX (India), Muvin and GoldPe. In 2023, more than 15 startups ceased their operations over funding and other challenges.
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Edtech startup Bluelearn shuts operations, to return 70% of capital
Entrackr
·
1y ago
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.
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Blume backed Zoplar shuts shop in B2B healthcare exit
Inshorts
·
2m ago
Medial
Blume Ventures-backed Zoplar shut its operations in February, just a month after it raised $3.4 mn in its Series A funding. The startup is now returning the capital raised in its Series A round to its investors. Zoplar decided to shutter its operations after Central Drugs Standard Control Organisation, earlier this year, said that imports of refurbished medical devices aren't allowed in country.
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SaaS firm Toplyne shuts operations, to return capital to investors
Inshorts
·
9m ago
Medial
SaaS firm Toplyne has shut its operations after nearly 3.5 years of running the business. "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," CEO Rishen Kapoor wrote. Toplyne was valued at approximately $80 million in last funding round.
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OpenAI-backed Ghost Autonomy shuts down
TechCrunch
·
1y ago
Medial
Autonomous driving software startup, Ghost Autonomy, has shut down its operations due to uncertainties in long-term profitability and funding challenges. The company, which had raised $220 million in funding, employed around 100 people and had operations in Mountain View, Dallas, and Sydney. Ghost had partnered with OpenAI earlier this year and had plans to explore the use of multimodal large language models in self-driving vehicles. However, the startup changed its approach over time and focused on crash prevention technology. Despite completing a highway driving product, Ghost couldn't secure the necessary financing to bring its product to market.
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Tiger Global-backed Toplyne shuts down operations
Entrackr
·
9m ago
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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