Taskbob, a home & beauty services startup, based out of Mumbai, has reportedly shut down its operations. In an internal communication, Taskbob co-founder and CEO Aseem Khare said that the company shut down its operations as of January 19 due to unforeseen circumstances.
Toskbob will continue to list its verified service professionals on the mobile app, although it’s not clear for how long.
“…due to unforeseen circumstances, Taskbob will be shutting down its operations as of 19th January. All the orders already placed in the system will be duly processed,” he said.
While the CEO has put forward “unforeseen circumstances” as a reason to shut down operations, a few media reports suggests that the company decided to shut down after it failed to raise fresh funds. The company was looking to raise funding since February last year.
Taskbob was founded in December 2014 by Aseem Khare, Abhiroop Medhekar, Ajay Bhatt and Amit Chahalia. It had also acquired Zepper, a Bengaluru-based home services startup. Notably, the startup was a part of Google Launchpad Accelerator Class-2 of 2016.
In February 2016, Taskbob announced that it had raised Rs 28-crore Series A funding from Ivy Cap Ventures and existing investors Orios Ventures Partners and Mayfield India. The company was waiting for the second tranche of about Rs 14 crore from IvyCap Ventures, which was expected to come in by November 30 last year. It seems that the fund of the second tranche didn’t comes to the company.
As per some reports, the company even reached out to its bigger peers for an acquisition deal. However, the company decided to shut down its shop when the acquisition talks didn’t materialize.
Startups in the home services industry saw multiple closures in recent times, largely due to the high cost of customer acquisition. Earlier last year, Paytm completed acquisition of Near.in, while Qyk changed its business model to become a house building services aggregator under a new name, Paperstone. Also, Mumbai based Doormint closed down in September.