IndiaTechDesk - India's Leading Tech and Startup Media Publication
  • Home
  • TOPICS
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Business
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Ecosystem & Lists
    • Enterprise & SaaS
    • FinTech
    • Gadgets & Electronics
    • Health & Bio
    • Investments
    • IoT
    • Marketplaces & E-commerce
    • Robotics
    • Transportation & Logistics
    • enterprise
    • SaaS
    • Venture capital
  • Interviews
  • Events
No Result
View All Result
  • Home
  • TOPICS
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Business
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Ecosystem & Lists
    • Enterprise & SaaS
    • FinTech
    • Gadgets & Electronics
    • Health & Bio
    • Investments
    • IoT
    • Marketplaces & E-commerce
    • Robotics
    • Transportation & Logistics
    • enterprise
    • SaaS
    • Venture capital
  • Interviews
  • Events
No Result
View All Result
IndiaTechDesk - India's Leading Tech and Startup Media Publication
No Result
View All Result
Home Business

5 Most Recent Startup Failures in India

IndiaTechDesk Editor by IndiaTechDesk Editor
February 2, 2020
in Business, enterprise, Enterprise & SaaS
68 4
0
STARTUP FAILURES IN INDIA
235
SHARES
1.8k
VIEWS
Share on FacebookShare on Twitter

The Indian startup ecosystem has witnessed rapid growth in recent years. Unfortunately, this has also increased the number of startup failures at the same time. No doubt, a good idea is the starting point of any successful business, but it turned out that just having a million-dollar idea can’t guarantee you million-dollar returns.

The Indian startup scene is undoubtedly thriving, but due to lack of innovation, 90% of startups shut down within five years of their inception. Let’s take a look at some of the costliest and most significant startups that closed their operations recently.

Top Startup Failures In India in 2019

1. Buttercups

‘Buttercups’ was a well funded online lingerie startup. With cutthroat competition from some of the most prominent players in the lingerie industry, including companies like Clovis, Zivame and Pretty Secrets, etc., Buttercups had to close down its shop in 2019.

Buttercups had successfully raised $1 Million from investors like Rajan Amanda, Manoj Varghese, Anand Chandrasekaran, and Angie Mahtaney, among others.

Their website stopped working in July 2019. And soon after, in September, the founder Arpita Ganesh announced its closure on the social networking site ‘LinkedIn’. The company faced a net loss of Rs. 1.94 crores in the FY19 and its total liabilities are more than its current assets by over INR 28 Lakh. As of now, their products are available on Amazon India.

2. Wooplr 

Despite raising a whopping $16 Mn from some of the leading investors like Sistema Asia, Helion Ventures, and Deep Kalra, Whooplr, a social commerce company, had to close down in 2019. The reason for their failure is believed to be the failed merger.

Whooplr is a social media-based platform where users can start selling within minutes. Using Whooplr’s platform, they can open their online store, choose products from the company’s catalog, and start making sales right away.

With more than 300 brands in their kitty and month-to-month growth of over 20%, Whooplr’s failure was shocking news in the Indian startup circles, mainly because similar companies like GlowRoad, Meesho, and Mall91 were witnessing remarkable growth in many cities across India. Maybe Whooplr was too ahead of its times.

3. Koinex

Koinex was a cryptocurrency startup and had to shut down in 2019. As a trading and multi-cryptocurrency exchange platform, Koinex allows users to trade in multiple cryptocurrencies such as Bitcoin, Ripple, Ethereum, Litecoin, and Bitcoin Cash with a single easy to use interface.

With a trading volume of over $265 Mn, Koinex experienced some tremendous growth in a short period of 4 months. Unfortunately, the absence of any regulatory framework to govern cryptocurrencies in India proved to be the biggest hurdle for Koinex.

4. Cryptokart

Cryptokart was another cryptocurrency company that saw its demise in the year 2019. Co-founded by Gaurang Poddar, Cryptokart failed mostly because of the fading interest of the general public in cryptocurrencies in India. Besides, multiple delays by the government to bring regulations have further led to the failure of cryptocurrency companies like Cyprokart and Koinex in India.

5. Homigo

Based in Bangalore, Homigo was a co-living startup. It was shut down when multiple cases of frauds, committed by its founders, came to light in 2019. In May last year, it was reported that the founders- Jatin Mitruka, Aakash ran away with the tenant’s money. There are many cases registered against them at several police stations across Bengaluru.

For more updates on the Indian startup ecosystem, don’t forget to follow us on Facebook, Twitter, and LinkedIn or subscribe to our newsletter.

Tags: ButtercupscryptokartHomigoKoinexstartup failues 2019startup failues in Indiastartup failure reasonsStartup failure storiesWooplr
IndiaTechDesk Editor

IndiaTechDesk Editor

IndiaTechDesk is part of beSUCCESS Media group, focusing on Indian startup and tech news, trends and analysis. Write to us at [email protected]

Related Posts

Jio Invests $200 million in Inmobi’s Mobile-first Content Platform Glance
Business

Jio Invests $200 million in Inmobi’s Mobile-first Content Platform Glance

February 15, 2022
Kedaara-owned GAVS will Merge with GS Lab to Form a Digital Service Platform
Enterprise & SaaS

Kedaara-owned GAVS will Merge with GS Lab to Form a Digital Service Platform

February 15, 2022
Top 5 Most-Funded Indian Startups in 2019
Business

Ola Plans Aggressive Push for its Brand in its Expansion Spree

January 29, 2022
MinIO raises $103 million in Series B Funding Round, Enters the Unicorn Club
Enterprise & SaaS

MinIO raises $103 million in Series B Funding Round, Enters the Unicorn Club

January 28, 2022
Quess Corp Backed Qjobs Crosses 2 million Users, Clocks 10x Growth in a Year
enterprise

Quess Corp Backed Qjobs Crosses 2 million Users, Clocks 10x Growth in a Year

January 24, 2022
Salesforce Launches its First Program to Mentor Tech Startups in India
Business

Salesforce Launches its First Program to Mentor Tech Startups in India

December 23, 2021
No Result
View All Result

Follow Us

FREE NEWSLETTER

 




PRODUCTS

ABOUT US

IndiaTechDesk is obsessed with the Indian startup ecosystem, offering intelligent, engaging coverage of the innovations, emerging startups, and entrepreneurship in India.....read more

MORE FROM OUR NETWORK


  • ktd

  • atd

  • itd

  • ktt

  • kgd

  • kpp

  • ktp

  • kpoppost

  • ustechtimes
Categories
  • Accelerator
  • AI & Big Data
  • AR & VR
  • Bitcoin
  • Blockchain
  • Business
  • Clean Technology
  • Competitions
  • Content & Games
  • Coronavirus
  • Cryptocurrency
  • Cybersecurity
  • E-commerce
  • Ecosystem & Lists
  • Education
  • enterprise
  • Enterprise & SaaS
  • entertainment
  • Events
  • featured
  • FinTech
  • Gadgets & Electronics
  • Gaming
  • Guide
  • Health & Bio
  • Incubator
  • Indian Startups
  • Indian Women
  • Insurance
  • Interviews
  • Investments
  • IoT
  • Manufacturing
  • Market
  • Marketplaces & E-commerce
  • Regulation
  • Robotics
  • SaaS
  • Transportation & Logistics
  • Travel
  • Uncategorized
  • Venture capital
  • “Contact: [email protected]”
  • Terms of Use
  • Privacy Policy
  • Cookie Policy
  • About Us

Copyright © 2021 indiatechdesk.com

No Result
View All Result
  • Contact Us
  • Homepages
  • Business
  • Guide

Copyright © 2021 indiatechdesk.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In