Hey guys,
With a heavy heart and after 10-11 months of constant work I am shutting my startup down. Thanks for all the love and support.
What happened was I was able to build the product but couldn't raise enough funds to get the required gov. licenses to go live. I did build a demo mode to let people test out what the app was supposed to be and got more than 250+ sign ups.
For everyone who signed up and where asking me for the invite code sorry but please do test out what it was supposed to be. Use invite code- QWERTYUIOP to access the demo mode. All data will be deleted with in the end of this month so no worries.
Thanks again for all the love and support and let's see what I can build tomorrow.
Invite Code - QWERTYUIOP
Aww shucks, mate. Loved your posts om Grapevine and was excited for what's next in what you were building.
I'm sure you'll do amazing things in whatever you choose to build tomorrow.
What all government licences are required?? How can we know about them ??
I was going to use the Account Aggregator framework so needed the FIU license like RIA, PFA or IA. Meaning Registered Investment Advisor or something like that.
Don’t have the 50lacs and something like that for depository amounts
Thanks for telling. What all difficulties did u face ?? What would be your advice for others?
Just checked it out, it’s really awesome. I definitely think you should not give up on this, there’s no other app which does this properly. This is a must need for everyone since everyone’s now having multiple bank accounts, credit cards, mutual funds, stocks etc. Maybe get a co founder from IIM or something? They’ll have contacts from whom you can get an angel investment maybe. Definitely someone’s gonna make a similar app in the near future, this is a must need.
Had few interviews with some IITians and IIMs. God the attitude is off the roof. No responsibility no empathy but wants 50%.
I just wanted to know if what they can contribute ?
If they can get you an angel investment, somehow put up with the attitude for the sake of the company. I honestly don’t think you should shut this down due to lack of funding. I am pretty sure a lot of people will use this app, and I can think of multiple revenue streams. IndMoney tried something similar wherein you can add all your multiple bank accounts and mutual funds, but it doesn’t do a good job.
Seems like a good application to me.
What were the reasons that investors weren’t ready to invest in this?
See what is happening with all the fintech guys bleeding money.
Jupiter raise 300million to build an app for Federal Bank? Niyo switched to travel tech. PhonePe isn’t going after money… No one is doing good.
Even my big competitor is Fold which got like 5-10k installs in last 10months? Investors don’t like that man. Sorry and even I have realised it’s not worth it
Oof, sorry to hear that man. Onto a new idea, for a next startup then?
Let’s just get straight to it, I wanted to be a founder. Turns out, I just wanted the idea of being a founder. And it’s taken me two years, a lot of sleepless nights, and more stress than I knew was possible to admit this.
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