Fipola, a meat-based Direct-to-Consumer (D2C) startup, has shut down its operations and is liquidating to clear its dues by April 2023. The company had been running operations since March 2018 and has been providing fresh, quality meat to its customers.
The company reportedly faced several operational and financial issues and had to shut down its operations due to insufficient funds. They planned to have 100 stores open in the South by March 2022 and 250 stores throughout India by 2023-24. Thought what a wild ride this was going to be? The firm had raised funds from a few venture capitalists and angel investors but could not raise additional funds.
Fipola’s closure is a major blow to the meat-based D2C industry in India, as it has been a key player in this sector. The company was one of the pioneers in the segment and had gained immense popularity among its customers.
It is yet to be seen how this closure affects the industry and other players in the market. The company has said it will clear its dues within the given time frame, and there is no cause for worry. However, it remains to be seen how things will pan out for other players in the market.