Destination discovery portal Holidify’s second co-founder Kovid Kapoor has left the startup barely a few weeks after its other co-founder, and CEO, Rohit Shroff quit the struggling startup.
Confirming the development, Kapoor told Techcircle.in that he has joined music streaming firm Saavn as tech lead.
Last month, Techcircle.in had reported that the company was trying to restructure its operations post Shroff leaving the company. .
“The website and the product is live and is being managed by the people who invested in this (venture),” said Kapoor.
Kapoor refused to comment on the reasons behind his resignation and said all future decisions related to the company would be taken by the investors.
Shroff, who is now working with Girnar Software Pvt. Ltd as associate director, told Techcircle.in that the company will continue to operate and has now entered a bootstrapped mode. According to him, with funding in the travel space drying up, the company was finding it difficult to raise fresh funds.
He added that both Kapoor and himself now remain only as advisors to the company.
IIT Bombay alumni Shroff and Kapoor started Holidify Travels Pvt. Ltd in 2014. In October last year, the company received $100,000 in funding from the promoters of Aarti Group, Findyogi founder Naman Sarawagi and angel investor Himanshu Sarawagi.
When contacted, Findyogi founder Naman Sarawagi told Techcircle.in that the company is currently working out the right revenue model for its operations. A small team of two people are “taking care of things right now”, he said.
“We have slowed down a little but it (the company) will continue running. We are restructuring a few things and it will be related to travel and travel discovery only. It will take at least 2-3 months before something concrete comes out,” he added.
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