Gurugram-based online women’s fashion portal Kaaryah has shut down after operating for over three years. The startup failed to sustain because of the lack of funds, said Nidhi Agarwal, the founder and CEO of Kaaryah.
The company has also laid off its workforce of around 50 employees.
“It was not sudden. We have been trying to raise funds for the last 18 months. We had broken even twice in 30 months. Honestly, my aspiration for the brand was to take it to Rs 100 crore revenues within 4-5 years of having started it. It looked very realistic should we have received normal amounts of funding, given that we were a very capital efficient and working capital-light company,” Agarwal told a financial daily.
The employees were given a notice of two months before the official release. Some were also provided with references and job placements elsewhere. Nidhi herself is currently working as a consultant for startups struggling to build their own brand.
The startup was launched back in 2014 and catered to women’s western wear in India. Kaaryah raised an undisclosed amount of funding Tata chairman Ratan Tata in June.
As of 2015, Kaaryah processed more than 3,500 monthly orders and sold its products at different marketplaces like Myntra, Jabong, Flipkart, Paytm, Snapdeal and LimeRoad. As per its regulatory filings, during FY16, the company reported net sales of $265.5K , while losses stood at $624.7K.
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