Hyperlocal mobile commerce marketplace LazyLad has shut down its operations, laying off close to 30 people in the process.
The company started in April 2015 by Saurabh Singla, Paresh Goel and Ajay Sethi received its pre Series A of $500K in July 2015 from Hirokazu Hirokazu, Jai Choi and Kiyohiro Sugashita. LazyLad also raised $100,000 from Green House Ventures as they were the first startup from the GHV accelerator program.
In February 2016, the company was in advanced talks with a few investors to raise $ 2.5 million and had hard commitment from a few investors for at least half that amount.
At that time, the company was planning to add 25 cities by the end of 2016. It was facilitating 700 orders per day from its services in Gurgaon, Chandigarh, Sirsa, Roorkee, Mohali, Panchkula and Zirakpur.
The startup claimed to have more than 3,000 retailers on its network and hopes to bring this number to one lakh aggregated retailers by the end of 2016.
According to the last report on May 18th, the delayed Series A round has caused LazyLad to cut down a large part of its workforce and the company has not yet paid them their dues.
The mobile app is not functional now, Saurabh Singla, co-founder and CEO of LazyLad confirmed the developments to Techcircle and added that the company is looking at pivoting into B2B (business-to-business) focused market place and has shutdown the B2C (business-to-consumer) segment of the operations.
Founded in April 2015 by IIT-Guwahati alumni Saurabh Singla, Paresh Goel and Ajay Sethi, LazyLad’s app gives access to neighbourhood retailers in six product categories that include flowers, daily groceries, fruits and vegetables, stationery, bakery and confectionery items, and meats and seafood.