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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.

Exclusive: Amazon shuts down refurbished platform Renewed

EntrackrEntrackr · 4m ago
Exclusive: Amazon shuts down refurbished platform Renewed
Medial

Exclusive: Amazon shuts down refurbished platform Renewed Amazon has decided to shut down its refurbished platform, Renewed, citing increasing challenges. The e-commerce giant has informed sellers of the immediate discontinuation of the service via email. Entrackr has reviewed the copy of the email. “We have made the decision to discontinue selling external refurbished products on Renewed due to high returns/rejects and the Contacts per unit impacting customer experience. Please stop inbounding any inventory to FCs and scheduling pickups from your SF location starting 7th March 2025. We understand this may be disappointing and would like to thank you for your partnership,” Amazon said in a note to sellers. Launched in 2017, Amazon Renewed is a platform where customers can buy refurbished, pre-owned, and open-box products that have been thoroughly inspected and tested to ensure they function and look like new. It offers a variety of items, including smartphones, laptops, tablets, cameras, and home appliances. Meanwhile, Newjaisa, a publicly listed company that used to sell on Amazon, has written to the NSE stating that the shutdown will impact them in the short term. However, Newjaisa is actively collaborating with other retailers to mitigate the effects. According to sources, over 50% of Newjaisa’s revenue came from Amazon Renewed. Entrackr has reached out to Amazon for comments. Amazon Renewed was a direct competitor to Yaantra, which was acquired by its arch-rival Flipkart for an undisclosed sum in January 2022. It’s worth noting that Amazon has also tied up and invested in Cashify, a prominent Indian re-commerce platform specializing in the buying and selling of used electronic devices. With the shutdown of Amazon Renewed, the refurbished space is left with these two prominent players.

Apple’s decision to drop iPhone web apps comes under scrutiny in the EU

The VergeThe Verge · 1y ago
Apple’s decision to drop iPhone web apps comes under scrutiny in the EU
Medial

Apple is facing a potential investigation regarding its decision to discontinue iPhone web apps in the European Union (EU), as stated in a report from the Financial Times. Apple and app developers have reportedly been asked for additional information by the European Commission, which is assessing the issue of progressive web apps. Apple recently confirmed that it will no longer offer support for web apps in the EU, citing compliance with the EU's Digital Markets Act and low user adoption as reasons for the change. App developers are voicing concerns and advocating for the open web, with the Open Web Advocacy conducting a survey to collect feedback to be sent to the European Commission.

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.

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