Chennai based hyper-local delivery startup Genie on Monday announced that it would cease operations from April due to insufficiency of funds and lack of investor interest.
“We have been trying very hard to raise a round of funding to sustain operations and for growth. Over time, we courted a lot of investors who made a lot of promises, but none of them materialized,” Genie’s founders said in a Facebook post.
Started in 2015 by friends Sreekesh Krishnan, Rakesh Mani and Parth Shah, Genie worked as an on-demand delivery platform for consumers. They catered to customers who wanted difficult to get products from unreachable places. They had also set up Genie for Business to help look after on demand, bulk and scheduled orders for restaurants, home bakers and any other business that needed assistance with their deliveries. Unlike Swiggy and Zomato, Genie did not only work with restaurants and food services, the start-up did delivery for just about anyone and everyone who needed the help.
Genie is the latest casualty in the hyperlocal delivery segment as investors turned cautious due partly to the lack of a sustainable business model at such startups. Over the past year-and-a-half several hyperlocal delivery startups, including well-funded ventures like PepperTap and LocalBanya, have shut shop.