CosmicTaco

Nexus-backed Investmint Initiates Voluntary Liquidation Process

CosmicTaco · 2024-07-19T13:12:39.900585+05:30

- Investmint, a signal-based trading app backed by Nexus Venture, has started its voluntary liquidation process under the Insolvency and Bankruptcy Code, 2016. - The board and shareholders have approved the transfer of intellectual property and asset distribution, appointing Anagha Anasingaraju to finalize the terms. - Sources indicate the liquidation will facilitate M&A activity, with 25% of raised capital being returned to investors while IP remains with the founders. - Investmint, launched in February 2022, halted services last month due to an unsustainable business model, despite raising $2 million in seed funding. - The startup joins a list of new-age firms like Koo, Nintee, OKX, Muvin, and FrontRow that have shuttered operations recently. Source: Entrackr

Investmint, a signal-based trading app backed by Nexus Venture, has started its voluntary liquidation process under the Insolvency and Bankruptcy Code, 2016.
The board and shareholders have approved the transfer of intellectual property and asset distribution, appointing Anagha Anasingaraju to finalize the terms.
Sources indicate the liquidation will facilitate M&A activity, with 25% of raised capital being returned to investors while IP remains with the founders.
Investmint, launched in February 2022, halted services last month due to an unsustainable business model, despite raising $2 million in seed funding.
The startup joins a list of new-age firms like Koo, Nintee, OKX, Muvin, and FrontRow that have shuttered operations recently.

Source: Entrackr