Bengaluru based food tech startup, Dazo has decided to pull the shutter down on its operations. Earlier known as Tapcibo, the company rebranded itself as Dazo some time back and has now announced the shutdown.
Dazo was founded by Shashank Shekhar Singhal and Monica Rastogi in October 2014 and had raised an undisclosed amount of funding from investors like Amazon India chief Amit Agarwal, Google India chief Rajan Anandan, Commonfloor’s Sumit Jain, TaxiForSure’s Aprameya Radhakrishna and Flatchat CEO, Gaurav Munjal.
The company started its journey as an online kitchen and then pivoted to a restaurant aggregator taking care of last-minute delivery and ensuring better customer experience.
The CEO, Shashank Singhal stated that expansion was on the cards but they had to roll out due to cash crunch. The team will be working on a different project after the closure on Dazo.
The food tech sector has off late been been facing issues like operational problems, lack of funding and productivity issues. Recently, Tinyowl sacked 180 employees in Pune and Bangalore and Spoonjoy rolled out its operations in Delhi. Despite such reports, Singhal however rejected the theory of the possibility of ecommerce bubble waiting to burst and said that there are lot of opportunities in the online market yet to be tapped and the chances of venture capitals investing in ecommerce are still on the higher side.
(With inputs from Agencies)