INSUBCONTINENT EXCLUSIVE:
said it would shut down its service.The company, which launched in 2015, says it faced a fundraising round that collapsed two weeks ago and
was in the middle of an acquisition that collapsed on Friday
It cites the current economic downturn and COVID-19 as the reason for both of these events.Service will shut down later this week, on
partnerships with major brands such as KAYAK and Microsoft, we have never turned a profit, despite a focus on revenue growth and cost
Margins are notoriously low in this business and a lot of companies depend on what is essentially affiliate marketing revenue
As the travel industry is currently in a tailspin, that source of revenue is quickly dwindling for this class of startups.Service had raised
a total of $5.1 million since it was founded
Investors include Founders Fund, which led its seed round, as well as Menlo Ventures, Maveron, Xfund, Flight Ventures and others
grateful to our investors, employees, and customers for all their support
