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Kenko Health shuts down; investors drag insurtech startup to NCLT

Economic TimesEconomic Times · 10m ago
Kenko Health shuts down; investors drag insurtech startup to NCLT
Medial

Insuretech startup Kenko Health has closed down due to a lack of funds. The company, backed by investors including Sequoia Capital India and Orios Venture Partners, was taken to the National Company Law Tribunal by a debt fund. Kenko had not paid its employees for several months and had previously laid off 20% of its workforce. The startup had applied for a health insurance license but needed fresh funds. However, a proposed investment plan was opposed by some existing investors, resulting in a stalemate. Kenko's founders held a 36% stake in the company, with Peak XV, Beenext, and Orios having smaller stakes. The startup had raised $13.7 million in funding and recorded a net loss of $8.5 million in fiscal 2023.

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.

Neobank Muvin shuts down operations

EntrackrEntrackr · 1y ago
Neobank Muvin shuts down operations
Medial

Youth-focused neobanking startup Muvin has shut down its operations, according to sources aware of the development and the company’s communication with its users. The shutdown is a result of the RBI direction which forbade UPI in a co-branding arrangement. “muvin card program has been closed. Any available balance is being migrated to issuer Livquik app. The migration is expected to be finished by 1st Feb and we would notify nextsteps to access your balance. Thank you for the support and we regret that muvin is unable to support your journey towards financial literacy,” said a notification sent by Muvin to its users. The Muvin app was also not available on Google Play Store. In June 2023, RBI directed PPI issuers to stop UPI in a co-branding arrangement. The directive forced DreamX (Dream11), Fampay, Akudo, Muvin and CheqUPI to discontinue UPI services as they did not hold PPI license. Entrackr had exclusively reported about this in June 2023. Recently, Akudo also shut down its wallet operations. Besides Muvin, LivQuik was also a PPI issuer for Akudo. Fampay, the largest player in this space, also pivoted to a full-fledged neobank from a teen only due to RBI directive. The firm also found it tough to raise follow-on money and saw top level exits and fired nearly 80 employees in 2023. Entrackr has reached out to Muvin and Livquick for more details. Co-founded by Vineet Gupta and Mukund Rao, Muvin used to cater to both teens and young adults through its prepaid card and mobile app. Before winding up operations, Muvin raised $3 million in a pre-Series A round led by WaterBridge Ventures in January 2022 and a seed round of over $1 million in April 2021.

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