1K Kirana Faces Bankruptcy and Distress Sale Amid Operational Struggles
- 1K Kirana, a kirana tech startup backed by Info Edge, is on the brink of bankruptcy and is exploring a distress sale to stay afloat. - The startup, which once had over 1,000 employees, has drastically reduced its workforce to just 30, and its website and apps are non-functional. - Despite raising over $32 million in funding, 1K Kirana's aggressive expansion and high operational costs have led to financial instability and mass layoffs. - The company is in talks with ShopKirana for a potential acquisition, but the deal's details remain unclear. - The kirana tech sector, once booming during the pandemic, is now facing consolidation and competition from larger B2B ecommerce players, making survival challenging for smaller startups like 1K Kirana. Source: Inc42
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