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While we see a lot of startups find success, there are many that just die off for one of the other reasons. Here are the top 3 prominent Indian startups that died in the year 2017 and the reasons that fuelled their failure.
Finomena was a New Delhi based financial technology startup that was allowing students and young professionals to purchase electronic products and appliances while providing them small ticket loans.
The reasons that lead to the collapse of Finomena were the high cash burn, lack of more series funding, and the toughest competition from Zest Money, Cash Care, and many others.
2. Turant Delivery
Turant Delivery had received around $ 140000 funding from undisclosed investors in its initial phase. However, the funding wasn’t sufficed to enable the startup to survive in the market.
Turant Delivery felt the shortage of working capital but unfortunately, the company wasn’t able to raise more funds and hence was eventually forced to shut down its services in May 2017.
3. Card Back
Nidhi Gurnani and Nikhil Wason in Feb 2013 launched Cardback, a payment platform that enabled credit, debit, prepaid cardholders maximize their savings while recommending them the best card for payment.
The fin-tech startup became so attractive that even prominent angel investors like Rajan Anandan, Sunil Kalra, and Alok Mittal couldn’t stop themselves from funding it.
Nikhil Wason while citing the reason in a brief interview said they had the perception that the number of credit card usage will sore when they started out, however, that didn’t happen. They had to shut down because there was less demand for multiple credit cards.