500 Startups Backed WalletKit Shuts Down Service

500 Startups Backed WalletKit Shuts Down Service

Chennai and San Francisco-based startup Walletkit Inc which was part of 500 Startups’ fifth batch has reportedly shut down its service. The company last tweeted on 2nd December 2014, “Walletkit.com has been pulled down. Will be up soon!”. According to the cofounder, Kevin William David, they decided to pull down the services because the penetration of both consumer and merchant app was quite low.

Although the firm’s main platform has shut down, 500 Startups still continues as an investor with a 5% stake and the cofounder also added that the team will soon launch the alpha version of a chat app.

This is not the first time that an Indian venture with investment from 500 Startups has shut down. Last year, online menswear brand Seat14A.com had also shut down. And, some of its cofounders later started their own ventures.

Founded in mid 2012 by computer science engineers Kevin William David and Ramakanth Dorai, the startup offered a SaaS-based platform which helped businesses to design and distribute passes and tickets for their users with mobile wallets. The startup also provided automated custom pass delivery along with flexible APIs.

Here’s a list of startups that shut shop in 2014.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

500 Startups Backed WalletKit Shuts Down Service-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

500 Startups Backed WalletKit Shuts Down Service-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

500 Startups Backed WalletKit Shuts Down Service-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

500 Startups Backed WalletKit Shuts Down Service-Inc42 Media
500 Startups Backed WalletKit Shuts Down Service-Inc42 Media
You’re in Good company