D2C Startup Fipola has Reportedly Shut its Operations and us Looking for Ways to Liquidate Assets

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Chennai-grounded meat delivery D2C  incipiency Fipola has reportedly shut its operations and is looking for ways to liquidate means to pay off  functional pretenses. On Monday (February 20), author and MD Sushil Kanugolu toldthat Fipola was shutting down its operations. According to Kanugolu, the incipiency was forced to shut operations as it was unfit to raise finances, owing to unfavourable request conditions.  Fipola had 65 stores across multiple  metropolises in South India and had plans to expand to 250 stores by the end of 2023.  

The incipiency last raised a Series A round worth $ 3 Mn in March 2022 from CK Ranganathan’s Cavinkare. Back also, the  incipiency was aiming to raise another$ 40 Mn from investors and push for pan-India presence by 2023- end. Fipola onboarded actor Nayanthara as its brand  minister in August 2022. Fipola has been shutting down its stores since this morning, and its website could n’t be reached. While Fipola’s app is still live on Google Play Store, users have been unfit to log in since November 2022, according to several recent stoner reviews. 

Meanwhile, the company has set itself up in some trouble, as some of its functional creditors have served it a legal notice over the remittance of pretenses. Further, media reports also refocused that the company’s  workers haven’t for nearly two months.   Fipola had  further than 850 workers in February 2022. Fipola has been forced to shut down its operations at a time when a severe backing downtime has hit India’s  incipiency ecosystem. Last time, as  numerous as eight VC- funded startups  declined to live due to the shrinking backing across the board.