The Bengaluru-based startup’s lack of success in orientating its business model towards stronger target markets and failure to pivot to an alternate strategy in time led to the current state of affairs, four people with direct knowledge of the matter told Mint, seeking anonymity. Over the past six months, payments to multiple vendors have been stalled, while employees have only received delayed and partial salaries, the people said.
The company is now consulting lawyers and its investors, with a consensus emerging towards filing for insolvency with the National Company Law Tribunal (NCLT), the people cited above said.
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