Startup like Zimply are shutting down simply, lets find out the reason
It is easy to open a startup in India and as easy to shut it down too. Zimply, an online homemade merchandise market spot and home decors, has silently shutdown and this news seems to surface recently.
Zimply’s app is an online marketplace where one gets to sell anything and everything for home decors. Zimply had raised about $510,000 of funding in 2015 from matrix partners and the co-founders of Delhivery and Quikr. Zimply was founded by Baweja Verma, Verma Ishan Bhola who all are IIT alumni back in 2014. Zimply focussed on home decors and related items. They were on par with giants like Fabfurnish, Pepperfry and Urban Ladder.
Previously named as HouseJive, Zimply aimed to be a connecting hub for all the makers, hobbyists, professionals of home decors, and related items. Everyone likes to own a customised product and when it comes to something that’s decorative, customized stuff is always a pick.
A Certain market analysis suggests that there will be more than 50% market growth annually in TechNavio. BedBathMore.com has also raised a confidential amount in a group investor funded session(which also involved a German-based firm ). Recently, FabFurnish.com was acquired by the Future Group in an awesome amount deal. All these show the scope of growth that is in home décor industry.
Behind The Curtains
Though all seems to be full of glitter and shine, there are a lot of downsides which may have been the reason for Zimply to shut down its operations. With investors having second (and third) thoughts about pouring in money into startups half way in, startups lose their efficiency trying to be frugal when it comes to money. Whenever there is an issue with efficiency, the quality of the product or service decreases too. Adding to this fact, ironically, Zimply, an IIT alumni product, has been blacklisted by IITs for Zimply rejected 5 IIT-Gauhati graduates even after giving them an offer letter.
These may or may not be the exact drive points but are mere speculations because there seems to be no comment from the firm or its team. Ishan Bhola, one of the founders has left the company in February while Viraj Verma, another founder left in March. Karan Baweja quit Zimply last September which sums up all the founders.
Zimply, which is run by Bitnomix Technologies Pvt Ltd left many questions unanswered as why exactly it stopped its work cycles and if is there any future left for the brand. Startup shutdowns as such bring out what exactly is wrong with the startup ecosystem in the country on the whole.
Want to be a guest author? Register Here to share your business knowledge with our readers.