Agritech startup Greenikk announced that it was closing its operations because of financial difficulties and unfavorable market conditions.
A total of about $1 million had been raised by Greenikk from investors including Mayank Tiwari of ReshaMandi, IIM A ventures, Mastermind Capital, Smart Sparks, and 100 unicorns (9 unicorns).
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“Our decision is driven by several key factors, the most significant being that the current model of Greenikk does not support the level of wealth creation we initially envisioned. While it is possible to build a low-service revenue or a trading company with limited scalability, this is not what we had set out to achieve together along with our investors and shareholders”, Fariq Naushad, Co-Founder & CEO of Greenikk said in a LinkedIn post.
It will offer two months of severance pay and employment offers to about twenty-five staff, according to Greenikk, while the founders, Naushad and Previn Jacob Varghese, look for their next venture.
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