Mumbai-Based startup Taskbob have informed a user via email that they are about to stop operations of the company due to failure of raising funds.
The news came after when BloomberQuint received an email from the co-founder of the company quoting “Taskbob will be shutting down its operations as of January 2017. All the orders already placed in the system will be duly processed.”
Founded in 2014 by IIT-Bombay graduates, Aseem Khare and Abhiroop Madhekar, Taskbob connects users to professional service men to fix household appliances such as washing machines, air conditioners, computers and refrigerators.
In February 2016, Taskbob had announced a Rs 28-crore Series A funding from Ivy Cap Ventures and existing investors Orios Ventures Partners and Mayfield India. They have received only Rs14 Crores of first tranche and the rest was expected to come by November 2016. Without fresh funds, the company could not have survived for more than two months.
Mr. Khare, co-founder of Taskbob said “Even though we could create a significant difference in customers, service providers and team’s lives, a solid business is created only by building scalability and profitability. And to achieve those in a low-margin business and in a tough external market proved unexpectedly daunting and it is more than what anyone could have expected.”
Despite of advertising on television the company was not able to attract many customers as expected. Without fresh funds Taskbob decided to shut down. An email query sent by BloomberQuint to Taskbob did not elicit any response at the time of filing this report and hence, Taskbob will be the first startup to shut down its operations in 2017. Read more Indian Startup Shutdown.