Hyper Local-Delivery startup Genie Solutions Pvt Ltd has decided to shut down all their operations due to failure in raising funds and lack of investor’s interests.
The Chennai-Based startup was founded January 2015 by Sreekesh Krishna, Rakesh Mani, Bharath L Natrajan and Parth Shah. Genie is a bike-based smart logistics platform for both consumers and businesses started out of Chennai. They provide convenience to consumers by providing them with the products with least possible time and best consumer support.
One of the Genie’s founders posted on Facebook, quoting: “We have been trying very hard to raise a round of funding to sustain operations and for growth. Over time, we courted a lot of investors who made a lot of promises, but none of them materialised.”
“Genie will be delivering its last delight on March 31,” they said.
In October 2015, the startup bagged an undisclosed amount of funding from a Singapore-based Wayne Burt Group. The startup banked on exclusive tie-ups with restaurants and charged the convenience fee for deliveries.
A year after Genie was launched; the business looked after on demand, bulk and scheduled orders for restaurants, home bakers and any other business that needed assistance with deliveries. In November 2016, Genie launched Genie Night Service where it promised the patrons to deliver food till 03:00 am even on weekends.
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The founders closed their message by saying: “It is with a heavy heart and teary eyes that we bid you a final adieu and wish you great luck. We won’t be able to articulate how much we love you; we need you to know that we tried our hardest to make this work before we decided to throw in the towel. We thank you once again for giving us the opportunity to serve you and apologise for any inconvenience we may have caused while trying to deliver delight to you.”
Apart from Genie, other food and groceries delivery startups like PepperTap and LocalBanya, have shut shops due to lack of a sustainable business model. Read more about Indian Startup Ecosystem.