'Shape up or ship out' message has been loud and clear across the new-age companies in the stressed market conditions I n a clear sign of stress in the start-up street, two prominent brands that were chased and acquired for millions of dollars, not too long ago, have lost their identity. The parent companies chose to play down the pain in the sector and termed the shutdowns 'integration' in their press statements on Wednesday. With that, TaxiForSure (TFS), the cab aggregation platform that was bought by Bhavish Aggarwal-led Ola some 18 months ago for $200 million (around Rs 1,300 crore according to latest value), ceases to exist. The Ola app is now showing 'no taxi' against TFS. This has meant an estimated 700 employees have been sent home, though a company official said the figure was exaggerated as the process of integration was in progress. Without confirming the number of people laid off, the Ola statement said enough measures have been taken to ensure a smooth transition. Is the start-up bubble about to burst? Jabong went through a distress sale, got acquired by Flipkart recently Food tech company TinyOwl got bought over by Roadrunnr and rebranded Runnr Grocery major PepperTap… Read full this story
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