Nandan Nilekani-backed ShopX shuts down and filed for bankruptcy

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ShopX, a startup backed by Nandan Nilekani, has filed for bankruptcy after its business model failed. According to company filings obtained from Tofler, the company failed to generate enough cash flow and also found it difficult to raise new capital.

The startup offered a retail operating system that linked brands, retailers, and customers. Due to financial constraints, it filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, last month. “The company has failed to meet its various payment obligations and is no longer a going concern.” “The company has tried various options to meet its payment obligations, including raising additional equity, selling assets, selling the business, and so on, but has not been successful,” according to the company’s filings.

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Nandan Nilekani-backed ShopX shuts down and filed for bankruptcy

ShopX, a startup backed by Nandan Nilekani, has filed for bankruptcy after its business model failed. According to company filings obtained from Tofler, the company failed to generate enough cash flow and also found it difficult to raise new capital.

The startup offered a retail operating system that linked brands, retailers, and customers. Due to financial constraints, it filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, last month. “The company has failed to meet its various payment obligations and is no longer a going concern.” “The company has tried various options to meet its payment obligations, including raising additional equity, selling assets, selling the business, and so on, but has not been successful,” according to the company’s filings.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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