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Anar shuts down the operation
The B2B network platform Anar has decided to close. Nishank Jain, the company’s founder and CEO, made the announcement on Xu, formerly Twitter. Jain claims that the startup will return investors’ money if there is any left. The company raised $6.2 million in a seed round in September 2021, co-led by Elevation Capital and Accel India. First Cheque, Utsav Somani and founders of companies like ShareChat, Meesho and BharatPe also participated. “Although there was a lot of enthusiasm from users, especially suppliers, we did not do enough to help them. Nothing worked ten times better than networking, leads and other transactional methods we tried. We came to the conclusion that this is because retailers are simply not prioritizing procurement,” said Jain.
Anar, founded by Jain and Sanjay Bhat, has helped the small and medium business (SMB) communities expand their multi-channel networks. It used to be possible for retailers, resellers, wholesalers, distributors and manufacturers to set up their own accounts, upload catalogs, publish, link to each other, make requests and communicate with each other. Jain further mentioned that Anar has noticed that customers are not getting enough value and retention remains poor. The company’s financial performance in FY23, the third full fiscal year after its official launch in February 2020, could be used to measure this. According to TheKredible, a new data intelligence platform, Anar had losses of Rs 17.32 crore and very little revenue in FY23.
In a capital-starved 2021, the company raised a significant fundraising round, but appears to have collapsed after just two years. The startup has hit a dead end in terms of long-term engagement and retention, despite early achievements in starting meaningful conversations between buyers and sellers. This is what ultimately caused the startup to fail. A number of companies have announced their intention to cease operations, citing lack of financial resources among other factors. Belora, a cosmetic brand, has ceased operations.
Categories: Trends
Source: HIS Education