#Asia Another Indian firm bites the dust as 500 Startups-funded Tushky shuts shop

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Tushky was an online platform connecting travellers with unknown guides, tour operators and experience providers to discover and book local experience

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The tightening of fists of VC investors has claimed another victim in India. Tushky, a self-service platform to monetise free time by offering interesting activities, has shut shop as it failed to scale up operations.

“It has been an incredibly satisfying journey of 4 years. We helped 100,000+ travellers to connect with 1000+ amazing experience providers and earn beautiful memories. Despite the love and support, we couldn’t hit the scale that we hoped for. Hence, we have decided to go in hibernation for some time to reboot. Whether we will be back again, only time can tell,” reads a statement on Tushky’s website.

We have contacted Tushky’s Co-founder Talvinder Singh for more details, and will update the article as and when we hear from him.

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Founded in 2011 by Singh, Kunal Sharma and Kranti Agarwal, Tushky started out as a platform to provide travellers with access to local guides, but gradually evolved as platform for people to find ‘experiences’ like sky diving. The company went on to become a part of 500 Startups’ accelerator programme.

The startup had raised two round of funding (US$63,000 in 2012 and US$200,000 in 2013) from the likes of 500 Startups, Anupam Mittal, Rajesh Sawhney of GSF, Vijay Shekhar Sharma of Paytm, Dinesh Chandra Agarwal, Samir Bangara, Samir Sood, Kunal Sharma, Abhishek Jain, Pankaj Jain, and Naveen Tewari.

The last couple of months have witnessed a number of startups scaling down or shutting operations due to poor uptake or lack of funds. Most recently Gozoomo fired 130 of its employees and grocery e-tailer Grofers shut down operations in nine cities, while restaurant discovery and food ordering app Zomato wound up its online ordering business in four Indian cities.

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There is a wind of caution in the Indian investment space. Industry experts feel the free flow of funds is now restricted to the angel or seed stage, and startups have to prove their mettle to sustain.

The post Another Indian firm bites the dust as 500 Startups-funded Tushky shuts shop appeared first on e27.

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