It seems to be the season of shutdowns and integration in the startup space. After TaxiForSure and Exclusively.com, it's time for AskMe to shut shop
It seems to be the season of shutdowns and integration in the startup space. After TaxiForSure and Exclusively.com, it’s time for AskMe to shut shop, albeit temporarily. Reports suggest that the consumer internet search platform has shut its operations for now, in a move that will mean job loss for nearly thousands. Recently, AskMe saw resignations from more than 650 employees. The reason for this decision is likely to be the lack of adequate cash to run operations. Some reports suggest that the sudden move from AskMe is a fallout of its principal investor Astro Holdings making an exit.
It was reported that AskMe had written to the Ministry of Corporate Affairs and the Registrar of Companies, asking them to make sure that Astro Holdings does not exit India without meeting its liabilities and commitments. While the company’s website is still ‘live’, no new orders are being accepted, suggest reports. AskMe.com started as a classified portal in 2010 and the company launched an online shopping portal Askmebazaar in 2012.
Meanwhile, Ola’s decision to shut down TaxiForSure as a part of the latter’s integration with Ola Micro may lead to roughly 700 to 1000 people losing their jobs. On its part, Ola has said that it is offering “enhanced severance benefits and outplacement services” to help affected employees pursue new career opportunities. Some employees of TaxiForSure have been absorbed as a part of the integration. Ola bought TaxiForSure for $200 million in March last year.
Earlier this week it was reported that Snapdeal will shut down Exclusively.com to integrate the latter’s catalogue with itself. In this case, however, Snapdeal claimed it has absorbed all the employees of Exclusively.com. Snapdeal acquired Exclusively.com around 18 months ago. The Exclusively.in website will soon cease to exist and will not accept orders from users.