Food delivery startup Eatlo closes operations
Bangalore-based Eatlo Tech Solutions Pvt Ltd, which runs food delivery startup Eatlo, has closed its operations just five months after it raised angel funding from Powai Lake Ventures, Abhishek Goyal of Tracxn Labs and equity crowdfunding platform Globevestor.
"We have temporarily closed our operations and we are re-evaluating things. We are a startup and a lot of things keep changing. We will update once we decide," Rahul Harkisanka, co-founder, Eatlo told Techcircle.in.
Harkisanka declined to comment on the reasons behind closing down the operations. He also refused to say anything on the future of the company.
Eatlo has not been accepting any orders since the last two weeks.
The company was founded by Harkisanka and Sai Priya Mahajan in November 2014. Eatlo sourced food for chefs and enabled delivery in select areas of Bangalore. The company employed around 100 people and claimed to deliver around 1200 orders a day.
The company was also reportedly scouting for a Series A funding of $7-8 million to ramp up the operations.
Over the past couple of months, a few startups have either shut shop or have downsized operations. TapCibo Online Solutions Pvt Ltd, which operated under the brand Dazo, closed operations in October.
Cash-strapped SpoonJoy, backed by Flipkart co-founder Sachin Bansal, shut shop in Delhi and parts of Bangalore. Recently, the Spoonjoy team was inducted by hyper-local grocery and fresh food delivery startup Grofers as part of an acqui-hire deal. Foodpanda has been dealing with allegations of operational irregularities.
In October, restaurant listing and services company Zomato said it was laying off around 300 employees worldwide, or nearly 10 per cent of its workforce.
Again, Mumbai-based food-tech startup TinyOwl, sacked about 100 staffers in September as part of a restructuring exercise, following which it raised $7.5 million in fresh funding from existing investors Sequoia Capital and Matrix Partners.