In response to a question on balancing the aspirations of startups to grow as quickly as possible versus keeping costs in check, Murthy held the investors responsible.
Sequoia Capital’s Rajan Anandan stated that the ecosystem should focus on startups much earlier in terms of governance practices that need to be put in place.
GoMechanic had all the right mix to be a pioneer in the garage services business. It had the first-mover advantage, IIM A-graduate founders, big names of the VC world either invested or interested, a strong customer base, and a network of nearly 1,000 garages across 40 cities in place. Yet things went downhill.
AppsforBharat was founded by Prashant Sachan, one of the co-founders of Trell.
Trell was founded in 2016 by Pulkit Agrawal, Arun Lodhi, Prashant Sachan, and Bimal Kartheek Rebba. It is a community-based social network to discuss and exchange lifestyle trends.
An audit by EY last week found financial irregularities by the founders. This pulled the plug on funding plans, pushing the company to cut costs and lay off employees.
The round was co-led by LB Investments.
The company co-founder Pulkit Agarwal said that the app registered 5 times growth in daily active users and touching 2 crore monthly active users in last two days.
The funds will be used to expand and strengthen the team in areas including product, technology and data science.