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Kenko, a startup backed by Peak XV, has ceased operations after running out of funds and has been taken to the National Company Law Tribunal (NCLT). Founders Aniruddha Sen and Dhiraj Goel informed employees through a series of emails that the company could no longer sustain its operations. This news follows other recent shutdowns in the startup ecosystem, including a Bengaluru startup that laid off 500 employees and the closure of the DeFi protocol Kresko due to the founder's health challenges. The financial struggles faced by these companies highlight the ongoing challenges within the startup sector.
In a series of emails exchanged with employees between July and August, founders Aniruddha Sen and Dhiraj Goel admitted the firm had “run out of funds” and taken to the National Company Law Tribunal (NCLT) by investors. “Unfortunately, the company has run out of funds, and we… https://t.co/sGdaKp1yNu
🚨Peak XV-backed Kenko shuts operations; ran out of funds, taken to NCLT, founders tell staff By @nainasood and @Preeti__Kul https://t.co/OLupOnRr7x via @moneycontrolcom
#MCExclusive 🚨 | Peak XV-backed Kenko shuts operations; ran out of funds, taken to NCLT, founders tell staff 🚧🏭🚫 @nainasood & @Preeti__Kul report more on this👇 https://t.co/OsR9wFwQcR #PeakXV #Operations #NCLT