1.Just BuY Live
Reason for Failure
Talk with Hr Global Magazine, In between 2018, Multiple sources claim that the company had to shut down for their negative cash flow and unscalable business model. Though the co-founder bharat balachndran has said that the company is only temporarily shut to fixing some problems and will resume operations after a good round of funding, market experts and advisors seem that as an unlikely event.
2.Shotang
The Business
Shotang is an online on-cloud marketplace which main focus on to revolution in the order fulfillment processes in traditional distribution channels. They mainly focused on mobile phones as apparels as the products and earned commissions from the distributors for each transaction.
Reason for Failure
Shotang had collected enough capital and also take over a market valuation of $40 Mn, the fierce competition from brands like Flipkart, Amazon and Paytm Mall led to its closure.
3.Zebpay India
Zebpay was India’s biggest crypto exchange company until its closure. The platform allowed people to buy and sell bitcoins and other cryptocurrencies. It had more than 3 Mn users on its platform.
Reason for Failure
Following the circular issued by RBI in April 2018, which restricted banks and regulated payment companies from extending any services to crypto exchanges and wallets, Zebpay decided to shut down its operations. Although most of the crypto exchanges appeal to Supreme Court for lack of crypto rules and regulations in India led to the closure of most of such companies.
Recent discussion with Hr Global Magazine Zebpay, on September 28, 2019, announced its closure. As per source, it shows, “At the end, we are not able to find a reasonable way to conduct the crypto currency exchange business.”
4.Mr.Needs
Mr.Needs is an subscription-based online platform for delivery of daily used products and grocery items like milk, bread, eggs, etc. It was served around 35,000 monthly orders for over 8000 families in Noida, Delhi.
Reason for Failure
Though no actual reasons had come on the list that what happened and why this startup shut its operations, Assumed that so tough competition from brands like Big Basket and D-mart have resulted in its closure. And at the end company has pulled down its website and the app doesn’t appear on the Play Store anymore.
5.Tazzo
The Business
Tazzo was a bike rental startup that offered point to point commuting service and charged only Rs 5 per km. Its mobile application was unified using GPS technology and tracked every single movement of its entire fleets in real time, including overspeeding, fuel consumption, theft, etc.
Reason for Failure
The main factor affects the company that wasn’t able to prove itself as a profitable network and lack of funds for sustainable led to its closure.
Let us hope that this new year proves to be a good one for the companies and they are able to sustain themselves for a long run in the business.
