Noida-based video micro-blogging platform, Frankly.me, has shutdown and laid off 30 employees from its Delhi office. It had raised $600,000 in seed funding from Matrix partners in January last year.
In November last year, the startup had laid off close to 30 employees – about 40% of its team, as the company pivoted its business model.
The company couldn’t raise Series A and recently pivoted to Dubsmash sort of product, but with very little traction.
One of the sacked ex-employee informed us that all the fired employees were from non-technical profiles – primarily celebrity managers, business development execs and offline marketing and activation team. Earlier, the company had a team size of about 75 employees.
Earlier, the company also had a B2B offering, where it made mobile and desktop web Q&A widgets for news, content sites. The product had many users among bloggers like carblogindia.com, newslaundry.com, foodfood.com and imsindia.com. However, the further development of this product has been postponed for now.
Frankly.me was founded in April 2014 by Ex-InnoxApps founder, Nikunj Jain and Ex-Zumbl founder, Abhishek Gupta. The startup had over 800 celebrities and about 250,000 users on its platform.
A number of other startups also had to lay off their employees and shutdown operations, the most recent example being PepperTap. Gurgaon-based hyperlocal grocery delivery startup PepperTap, which is one of the more heavily backed hyperlocal delivery startups in the country, is shutting down its operations in six major cities of India, including Ahmedabad, Chandigarh, Mumbai, Kolkata, Chennai and Jaipur. Along with shutting down operations, it is also going to lay-off 400 delivery men.