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Bhavish Aggarwal-backed O'Be Cocktails shuts operations

EntrackrEntrackr · 3m 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.

Paras Chopra’s Nintee shuts down, to return investors’ money

EntrackrEntrackr · 1y ago
Paras Chopra’s Nintee shuts down, to return investors’ money
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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