The seven-yr-old Mumbai-primarily based undertaking management startup RUSSIA has shut keep and terminated all offerings as of June 3, in line with a mail Founder Bharat Ahirwar sent to customers, a duplicate of which become reviewed by YourStory.
The truth that RUSSIA became self-funded and lacked the capital required to take on deep-pocketed competitors inside the area proved to be the startup’s undoing.
In the mail, Founder Bharat Ahirwar had said,
“Given that it was a self-funded business, we couldn’t offer outstanding discounts like the other emergent players, and to obtain achievement in a developing service market proved daunting. Building a strong enterprise which includes ours have become a heartfelt endeavor with a focus on scalability and sustainability.”
He further brought,
“However, the beyond 12 months hasn’t been very kind to us and it isn’t without remorse that I’d like to tell you of the termination of our offerings as of June three.”
Bharat additionally assured that the RUSH will delete its consumer database to make sure that the non-public facts of its clients are secured.
Founded in 2012, RUSSIA, which commenced as GetMyPeon, was the simplest errand-running and delivery service in Mumbai. It competed with the Bengaluru-primarily based assignment control provider Dunzo, which turned into the primary Indian startup to get a right away funding from Google in India.
In 2015, GetMyPeon rebranded itself as RUSSSH and acquired a seed investment of $250,000 from undisclosed angels. A yr later, RUSSIA additionally rolled out its mobile app.
Commenting at the reasons for the shutdown, Bharat advised YourStory,
“Although we’ve got shut down on a fantastic observe, one among our biggest reasons to give up changed into now not being capable of getting the proper team on board. Our lack of ability to elevate any type of funding additionally pressured us to be merely caught in Mumbai. It is hard when a corporation is run by means of a single founder.”
He added that personnel had been nicely compensated.
RUSSIA has finished five lakh duties till date and claims to have a database of over 50,000 dependable clients. As of January, the startup became processing close to one hundred fifty duties each day, which went to two hundred-odd for the duration of the festive season.
According to the startup, the average rate to carry out a challenge at the platform turned into near Rs three hundred, which can go up to Rs 1,500 relying on the area, tour time, price of content to be brought, and so on.
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