Ecommerce in India which is going through a roller coaster ride, the startups providing services specifically for the ecommerce players seem to be on the same track now. A Delhi based startup, Chhotu.in, launched in June 2011, which provides last mile delivery solutions to ecommerce companies, is now close to a closure or sell out.
As per the market speculations, the startup was looking to raise funds since last year, and a failure to do so can be taken as a reason for taking up this step.
Founded by Navneet Singh and Adhar Agarwal, Chhotu.in was started with an initial investment of INR 5 lakh and later it raised funding from Global Super Angels with which Vijay Shekhar Sharma, founder of One97 Communications and Dinesh Agarwal, CEO of Indiamart.com, also joined the boards of the company.
It takes care of the last mile delivery of the goods purchased from ecommerce stores and even claims to ensure delivery within 24 hours anywhere in India. It had worked with a number of ecommerce companies including Snapdeal, Yebhi, Yepme, Zivame etc.
Reports even state that Chhotu.in has now stopped taking fresh orders and most of its partners stopped working with it since past three months . “We are yet to make an official announcement” said Navneet Singh.
Though for now its not clear whether the firm will be shutting down operations or will look for a sell out. But Rajesh Sawhney from Global Super Angels, who had invested in the company in February 2012 has already written off his investments and had confirmed a closure to Businessworld.
We had tried reaching Navneet Singh and Rajesh Sawhney for the same but their reply is awaited.
According to a media report published in October last year, it was getting monthly revenues of around INR 12 lakh and was even looking to grow into a INR 100 crore company in the next three years. In beginning of 2012, Chhotu.in was operational in cities including Delhi, Mumbai, Bangalore and parts of Punjab but later it rolled back its operations in Mumbai and Bangalore.
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