Another one bites the dust - Anar.biz shuts down, returning capital to investors

[thecigarlady]

https://twitter.com/x/status/1728027998530556324

I got to know about the startup just now from this post on my feed. I like how he mentioned that they were not able to make the product 10x better, as if the struggle to stick to the idea they pitched word-by-word while getting investment was just not allowing them to becomr just 5x or even 2x of what market already has.

 

[jadeh77]

@thecigarlady At least he's returning the capital to the investors. I'm glad we have ethical entrepreneurs in the startup space. Otherwise, Byjus jaise toh bohot hai...

 

[olivef63]

@thecigarlady It is nice that a promoter has the humility to admit that things did not go as planned.

The company raised about 50 cr 2 years ago. (not all of it would have been given to the company). In the last financial year they lost 17 cr with almost no revenue. In all probability they have a negligible amount to return to investors.

 

[csmnlm]

@thecigarlady the problem with venture funded startups is they dont really make profits through sales. i have worked in the VC sector for 1.5 years and time after time the thing i realised was a lot of founders totally depend upon raising funds. they use these big terms in their pitchdecks but when it comes to action after they have the money, its not at all what they planned. ik a founder and all he does is apply for different events, travel, post on whatsapp stories and travel while giving pitches. WHEN ARE YOU WORKING