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500 Startups-backed Walletkit pivots business to a messenger platform


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500 Startups-funded Walletkit has pivoting its business to a messenger platform from its existing business  which offers a software-as-a-service (SaaS) platform allowing businesses to create, manage and distribute digital passes to mobile wallets like Apple’s Passbook and Google Wallet, reports Techcircle.

Speaking to the publication, Kevin William David, said that the Chennai-based company stopped working on the product as the adoption was less among consumers and merchants for Apple’s Passbook and Google’s Wallet. David also added that 500 Startups continues to be an investor in the company and still holds 5% stake in the company.

Walletkit was part of Dave McClure’s 500 Startups fifth batch of startups, and the company was founded by Kevin Rajasekaran and Ramakanth Dorai and they debuted their product in 2013.

Startups which shut down in 2014

  • Earlier in 2014, 500 Startups funded online menswear company  Seat14A shut shop and some of its cofounders left to start their own ventures.
  • Mumbai-based social wishlist site Wishberg  shut down and the founders Pravin Jadhav and Kulin Shah are moved to the Sequoia Capital-backed online recharge and couponing site Freecharge.
  • Online fan merchandising store Bluegape.com  shut down operations due to copyright issues and plans to pivot to a new business model. Bluegape allowed designers and brands to set up merchandise stores and sell through e-commerce platforms like Flipkart, Snapdeal and Amazon.
  • AllSchoolStuff.com, an e-commerce website that sold school supplies, stopped operations. The company had raised about $1 million from Angels Investors Consortium, and some other private investors in 2012.
  • Noida-based test preparation service Vriti  shut shop. Founded in 2006 by Swapnil Shrivasatav and Rahul Agarwal, Vriti had raised a total $7.5 million from investors like JAFCO Asia and Intel Capital across two rounds. Shrivasatav had said that the investors have been driving the company ever since he quit in August 2012. Other co-founder Agarwal had quit way back in April 2009. The company had appointed Anil Pande as the CEO of Vriti in September 2012, who has reportedly now moved onto Olive Telecommunications along with a team of 12 people.
  • E-commerce pioneers Indiaplaza.com went offline. IndiaPlaza reportedly failed to raise fresh funds which hurt its business. IndiaPlaza was launched in 1999 and became popular in the early to mid-2000′s as Fabmall.com. A part of Fabmall got acquired and the online business was rebranded as IndiaPlaza.
  • Social media marketing and analytics company Salorix shut down its operations. The company shut down reportedly following a disagreement between the founder and investors over an acquisition offer from Google.
  • Price comparison site BearShop shut shop after two years of operations. A notice up on its website, while not explicitly giving a reason for shutting down, it appears the founders have developed a new service called BugClipper.

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