Friday, 24 March, 2023

ShopX, backed by Nandan Nilekani, files for bankruptcy

<p>Nandan Nilekani&#39;s venture ShopX has shut down and filed for bankruptcy after concluding that its business strategy was flawed. The company struggled to raise new funding since it was unable to create significant cash flow. The firm offered a retail operating system that linked consumers, brands, and merchants. Last month, it submitted an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, acknowledging a liquidity shortage.</p>