Hyper-local delivery startup, Genie decides to cease operations

Chennai- based hyper-local delivery startup, Genie, is shutting shop due to insufficiency of funds and lack of investor interest.

The founders announced the decision to close down operations through a Facebook post. It stated, “Genie will be delivering its last delight on March 31."

Founded in 2015 by Sreekesh Krishnan, Rakesh Mani, Parth Shah in 2015, Genie worked as an on-demand delivery platform for consumers. The founders had also set up Genie for Business to look after on demand, bulk and scheduled orders for restaurants, home bakers and any other business that needed assistance with deliveries.

The startup banked on exclusive tie-ups with restaurants and charged convenience fee for deliveries.

In October 2015, the company was funded by the Wayne Burt Group, a Singapore-based group that invests in oil and gas, aerospace and petrochemicals.

The founders said, “We've been trying very hard to raise a round of funding to sustain operations and for growth. Over time, we courted a lot of investors who made a lot of promises, but none of them materialised. Even though everyone liked the business and loved the team, they were sceptical because of a few big shutdowns in the sector.”

Genie is one among many to have faced this issue in the area of hyper local delivery.

Brands like Peppertap, LocalBanya and more closed down while Grofers rolled back on operations in most of the cities they were serving.