Wow, had many friends who were at one point bullish on them or planning to interview
This is weird - this was a fairly offline business, how can it suddenly crash like this? After raising so much?
They don't innovate nor create new technology that sells....
When I saw the notification I thought it would be 1000 kirana shops are shutting down
I now get why foreign investors are afraid in investing for Indian startups, it's worse than that low level scammers from India, post covid there was number of iitians starting startups where they artificially inflate the stocks with ipo and paid promotiins, but it was a bubble which was supposed to burst, but founders will take their cut and declare bankruptcy, it's just a typical pattern they are following which just affect the employees and people who are investing in their ipo also investor if they didn't take exit on right time.
Anyone from Kirana club who can talk about the business strategy?
Talked to a senior PM of kirana, he said half of talks are almost true, like they are looking for acquisitions, not sure about other talks
@UnsungOats are you referring to Kirana club or 1k kirana. I am more interested in the space so anyone from some other company or maybe be dukaan can she'd some light on what the business model is and what is the final rev model.
Kirana club i know has revenue from 2 major sources:
But anyone in this space and answer this better?
What was the startup about?
Just heard that 1K, an omnichannel grocery startup in gurgaon series B funded by info edge and alpha wave have laid off close to 60% employees and severance package is also not announced yet.
Info Edge Writes Off Entire Investment In Sequoia-Backed Bijnis