Delivree King
Closed its operations as it was unable to raise fresh funding. The startup founders said that it had scaled to about 15 cities but it was becoming difficult to sustain operations at that level with no funds
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Closed its operations as it was unable to raise fresh funding. The startup founders said that it had scaled to about 15 cities but it was becoming difficult to sustain operations at that level with no funds
Operated on a negative margin per delivery. The number of processing orders was less and it forced managing team to take decision to close down the business operations.
Got funding of US$1 million but they were struggling to raise fresh round of funding, did not have money to sustain operations.
They felt they were on the right track but they were burning money, and were not able to close a third funding round despite the founders’ best efforts
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