Frankly.me, a Noida-based video micro-blogging platform, has reportedly shut down its operations. There have been no official announcement from the company yet. We tried to get in touch with the company’s founder – Nikunj Jain, but we were unable to elicit a response.
The company, which pivoted its business model and become something sort of Dubsmash, had earlier laid-off 40 employees from the company, in November 2015.
It is also being said that the company has laid-off all the remaining employees. The company had a team of more than 75 employees, including celebrity managers, business development execs and offline marketing and activation persons.
As per the reports, the primary reason behind Frankly’s shutdown is the company’s inability to raise a fresh follow-up round of funding. The company had been on a lookout for new investors as it did not received any commitment from its current investors.
Frankly.me was founded in April 2014 by Ex-InnoxApps founder, Nikunj Jain and Ex-Zumbl founder, Abhishek Gupta. It had over 800 celebrities and about 2,50,000 users on its platform.
Last year, Frankly.me made headlines when it received $600,000 in seed funding from Matrix Partners for its video based Q&A platform which allowed users to directly interact with some of the biggest public figures — including political and Bollywood celebrities.
Many startups have shut down in the recent times, including Dazo, Spoonjoy, DoneByNone, TalentPad, Townrush, etc. On the other hand, many established startups decided to lay-off employees in order to survive. Such startups include Zomato, LocalOye, TinyOwl, Housing, etc.