This year's economy has not been so kind to tech companies. While some have been able to ride out the storm, others have been forced into bankruptcy and others have closed their businesses all together. Many of these companies were once considered to be the next big thing or potentially even the next Facebook. The first notable company to shut their doors is Fashionara Enterprises. The company was originally founded in 2012 and they specialized in clothing and apparel. Suffice to say, the market is incredibly competitive and difficult to break out in. Unfortunately for Arun and Darpan, the company's website is no longer accessible, so it would appear there is no potential for a comeback.
And how about the food-tech company, Inweone Technologies? This company was founded in April of 2015 in Delhi. They raised quite a bit of money in October of 2015 with the assistance of Suyasha Sharma. The company's Zeppery gave consumers the ability to scour through menus for various restaurants and other facilities. Once they had found something that peaked their interest, they were able to place their orders, without needing to sit in line. Unfortunately, the Indian market wasn't quite ready for the company's innovative setup. It collapsed and the company quickly shifted to their focus to micro-delivery logistics.
The food-tech industry has not been kind to startups. MealHopper is year another company, which was unable to break out within the food industry. The company's intention was to help locals hook up with cooks within their area, so they could obtain homemade meals. In November of 2014, the company insisted they were delivering approximately one hundred meals a day and planned on spreading to three more cities in March of 2016. Unfortunately, that hasn't happened. The company has stopped accepting orders through its app and website. It all but seems that the company has shut down completely, due to their inability to raise funds. And this comes after the company was able to raise $100,000 in 2015.
Of course, not all startups are destined to fail. 3D Systems, which is responsible for producing the 3D printers, is one of the few tech startups, which has managed to withstand the test of time. And do not forget about Facebook and Twitter. Both companies were once tiny startups and both have managed to amass great popular and substantial value.
Pets.com remained in operation for a little over two years, before closing in late 2000. The e-commerce company was very popular, selling pet supplies to the global market. Even though the company gained a high level of recognition from retail giants such as Macy's and the 2000 Super Bowl, it lost $300 million of investment capital.
TinyOwl, a once upon a time popular technology startup that provided an innovative way for consumers to shop, has decided to halt all operations except Mumbai. This comes after a recent layoff of over 300 people, which was blamed on over-hiring in September 2015.
Will your favorite startup be able to survive? Despite a few bankruptcies and closures, a lot of startups have managed to find great success. And they will not be the last!