Leaving jobs for launching a new startup has become the latest trend in Indian culture. A lot of them are achieving success but most of the startups are not earning profits. 2017 saw the shutting down of many popular startups. Maximum startups that closed in 2017 were from Delhi-NCR region. Also, 50 percent of the founders of the closed startups are now working in some other company as category head, CEOs and more. Whereas, very few have tried their luck as founders. Let us have a look at the 10 famous startups that failed in 2017:
Stayzilla’s shutdown was announced in February 2017 through their official blog. The reasons told by a co-founder of Stayzilla was the inability to expand, low revenues and the lack of local network effect. Also, the founders of this startup were facing legal trouble which led to the shutdown.
HotelsAroundYou helped users to book hotels at last minute. It offered very options of hotels with best affordable prices. The reason for the failure of this startup was the inability to raise funding when required.
InksEdge was an online platform for buying stationery and personalised cards. The startup provided personalised cards for special occasions like weddings, birthdays, valentine’s day. Users had a wide range of options to select the designs of cards. InkEdge shutdown in 2017 because of the shortage of money to run the business.
Cube26 was an IoT based startup that launched its Bluetooth-controlled colour-changing smart bulb in 2015 under the brand label IOTA. IOTA started working with another IoT brand which caused losses to Cube26.
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Abof was a popular e-commerce platform that closed because of the competition in the industry. Expansion of Amazon and Flipkart was the reason for the shutdown of Abof.
Prophesee offered data-driven insights to brands that helped them in analysing and comparing the digital marketing campaigns. Trying too many new things in their services made Prophesse loose clients.
Cardback was an online platform for checking rewards in debit, credit and loyalty cards. Less demand led them to stop working even because of the $170k funding that they got from angel investors including Rajan Anandan, Sunil Kalra, and Alok Mittal.
Surpluss was an online retail store for buying refurbished electronic products. The startup experienced a huge loss in the demonetization period in the country.
Started in 2014, food tech startup Yumist stopped its operations in 2017 due to failure in raising funding. Before the shutdown, Yumist offered homely food at affordable prices.
Turant Delivery was started in the year 2015 by Satish Gupta, Ankur Majumder, Siddharth Arora in Delhi. It was a logistics firm that offered customers to book and check the status of their deliveries online. Turant Delivery shut down in mid-2017 as it was running in loss and getting no fundings.