Accel-Backed SaaS Startup OSlash To Shut Down By End Of This Month

SUMMARY

The startup said it would stop accepting new OSlash registrations effective immediately

For existing OSlash users, it is releasing an open source extension where the users will be able to download and export all of their existing shortcuts

Shutting down OSlash will allow it to return capital to investors with dignity and humility, the startup said

Accel-backed SaaS startup OSlash is shutting down operations by the end of this month. The startup will stop accepting new OSlash registrations effective immediately.

Founded in 2020 by Ankit Pansari and Shoaib Khan, OSlash offered an enterprise productivity tool to enable employees to access information across an organisation using everyday keywords. Naming URLs and files – a practice common in Linkedin, Google, and Meta – creates a single source of truth for everything important, helping teams collaborate seamlessly.

The Bengaluru and San-Fransisco-based startup started with OSlash shortcuts which did not find commercial success, the startup said in a blogpost.

“After a three-year journey, we’re wrapping up operations at OSlash. As a token of our gratitude for your love, we’re making OSlash shortcuts open source and free forever,” the SaaS startup said on its website.

For existing OSlash users, it is releasing an open-source extension where the users will be able to download and export all of their existing shortcuts. The company has given a timeline of 29 November for exporting shortcuts.

In March 2022, OSlash raised $5 Mn at a valuation of $50 Mn in a post-seed funding round from more Kunal Shah (CEO, CRED), Christian Oestlien (VP Product, YouTube), Akshay Kothari (COO, Notion), and Cristina Cordova (partner, First Round), along with other investors from the industry.

Before that funding round, OSlash had raised $2.5 Mn from Accel Partners and multiple angel investors in September 2021.

“While painful, sunsetting OSlash will allow us to return capital to our investors with dignity and humility. More importantly, we will channel lessons learned into our next adventure,” the startup said.

This comes when the Indian SaaS market is projected to become a $50 Bn market opportunity by 2030, quadrupling its current size. Indian SaaS startups have raised more than $899 Mn so far this year, as per Inc42 data.

Amid macroeconomic pressure and funding crunch, the year 2023 has seen many startups shutting their shops or closing down a segment. For example, CarTrade Technologies recently shut down the auto sales division of its acquired business – OLX or Sobek Auto India Pvt. Ltd. Short video platform Tiki, vernacular content platform Bluepad, coworking space provider Friyey, crypto startup Flint Labs are among some startups which winded down their business this year.