Investmint, a signal-based trading app backed by Nexus Venture Partners, is undergoing voluntary liquidation under the Insolvency and Bankruptcy Code (IBC) 2016. The startup's board, with shareholder approval, decided to pursue liquidation, as documented in their regulatory filing with the Registrar of Companies.
Founded in February 2022 by Aakash Goel and Mohit Chitlangia, Investmint aimed to help users make informed investment decisions and manage wealth with data-driven insights. The company raised $2 million in a seed round in October 2022, led by Nexus Venture Partners and several angel investors.
Despite the initial success and funding, Investmint struggled to find a sustainable business model and halted its services last month. The decision to liquidate allows the startup to transfer its intellectual property and assets, with Anagha Anasingaraju appointed to oversee the liquidation process.
Sources indicate that the liquidation will simplify potential mergers and acquisitions (M&A), as the company is expected to return around 25% of the raised capital to its investors. The intellectual property will remain with the founders, who are also in advanced talks for its sale to larger players.
Investmint is part of a trend of new-age startups struggling to maintain operations. Recent closures include the vernacular microblogging platform Koo, despite raising over $50 million, as well as Paras Chopra’s Nintee, crypto exchange OKX, neobank Muvin, and FrontRow.
The update highlights the challenges faced by early-stage startups in finding product-market fit and achieving traction.
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