eCommerce startups in India have been in dire situation this year for its inability to raise funds or turn profitable. Several eCommerce firms like Flipkart, Jabong and Zovi are supposedly laying off employees in a bid to cut its costs. Besides this, several ecommerce startups have shut down their shops:
Bangalore based KoolKart.com has shut down its operations listing all of its products as sold out indicating no inventory to sell. This was first reported by NextBigWhat. KoolKart used to provide handpicked products in categories such as women & men apparels, jewellery, and bags. It also provided beauty and fashion products.
Mumbai based Rock.in, an online store offering high-end international clothing, has also shut down its operations, reports NextBigWhat. At the time of writing this article, the website was not reachable. Last year in August, the company had raised an undisclosed amount in a funding round led by Partech International, with participation from 3 angels which are retail families of Europe. Founded in May 2012 by Aashish Puri and Suraj Sharma, Rock.in had claimed to obtain operational licenses from 120 international brands in the US and Europe including La Redoute, House of Dereon, Calvin Klein, DKNY, Marc Cain, FCUK, Fever London, Just Cavalli and more.
Bangalore based Aporv, an online portal for Indian handicrafts has shut shop, reports Techcircle. Launched in June 2010, Aporv had partnered with artists, NGO’s, Self help groups, and designers across India to brings their hand crafted products on its website. Last year, the company claimed that it had visitors from more than 90 countries and buyers from India, USA, UK, Singapore, among others.
Do read our white paper explaining the Structuring of Foreign Direct Investments In eCommerce in India.