Funding was the cause for this startup shutdown – Omnikart


Omnikart got 100,000 USD in funding last year by Gandhi brother

Omnikart is a startup that connects buyers that need special supplies for a sample/prototype with sellers of such equipment.

This startup was seed funded last year July with 100,000 USD from Sumit Gandhi and Manish Gandhi, the promoters of ABEC Ltd, a business event management and exhibition company. The funny part here is, the co-founders decided to move on post a disagreement regarding the growth pattern. The startup was shutdown this year March.

The main root cause of this shutdown is the funding and the co-founders ideas on growth pattern. This is a very good lesson for the startups. Funding is not the only solutions to your startup growth, it’s the acceptance of business plan by founders post funding.

Omnikart was founded by IIT Bombay alumni Ansari and Mandar Zope in July 2014. Ansari previously worked at real estate portal as the head of market research while Zope worked at Rolls-Royce as a manufacturing engineer.

Ansari joined, where he is handling some categories and driving growth. We checked their social media and there are no updates from Feb 2016.

Funding in startups has slowed down since a year because of the shutdowns. Startups should consider funds as their own money and take decisions before closing down. Investors invest in the founders not the idea, and it is the founders’ responsibility to make sure the investor gets his return in investment.

More on startup shutdown

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