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2019 In Review: 12 Indian Startups Which Shut Shop This Year

2019 In Review: 12 Indian Startups Which Shut Shop This Year

The legal issues with cryptocurrency led to many shutdowns in Indian crypto startup ecosystem

The startups which shut shop in 2019 had raised over $20 Mn in funding

In 2019, two startups shut down operations amid police cases by employees and customers

This article is part of Inc42’s special year-end series — 2019 In Review — in which we will refresh your memory on the major developments in the Indian startup ecosystem such as funding deals and acquisitions, and their impact on various stakeholders — from entrepreneurs to investors. Find more stories from this series here.

In the Indian startup ecosystem, most of the stakeholders have been busy celebrating funding success and growth, even in the face of no profits. While there is no investor who has not seen a portfolio startup fail, their confidence and hope for disruption keep the ball rolling for newer startups as well as those who have managed to survive the Valley of Death.

It has been widely acknowledged fact in India that even million-dollar fundings and years of strategic planning haven’t been able to save several startups from dying a premature death. In 2016, it was blamed on dearth of funding; in 2017 on lack of market demand; in 2018 it was lack of originality and failure to raise follow-on funding and in 2019, we have seen a mix of it all.

In a surprise, this dearth of funding has even impacted India’s one of the largest carriers, Jet Airways. The company had to cease operations in April 2019 as it had about $1.2 Bn debt and failed to receive survival funding.