closed-sign-hd-wallpaper

AskMe Shuts Down, Leaves 4000 Employees in Distress

As per report, AskMe, an internet search platform for customers has closed its operations, laying off 4000 employees of its staff.

Regardless of the shutdown, the e-commerce web portal of AskMe is still live. There is a possibility that customers won’t receive the products but they can still order something.

Since the start of 2016, this hyperlocal e-commerce company, AskMe has been encountering serious issues when its prime investor, Malaysia-based Astro Holdings fails to pay the seller’s payments, own employee’s payments, and other dues. From January 2016, the amount of bills reached up to $15 Million and since Astro owned 98.5% stake in AskMe, the firm had to depend on the only one source of income.

Manav Sethi, AskMe Group CMO, said,

“Astro is pulling out of all business and its investments in India because of the political and legal issues. AskMe Group has made a management buyout bid and leadership team is working towards taking over the company.” However, this failed to see the light of the day because of Astro.

Askme

In recent times, around 650 employees resigned from their services with AskMe who were earning an annual salary of between INR 2.5 lakh-INR 6 lakh. This sudden shutdown left around 4000 employees, vendors and the investor and other creditors at AskMe in panic.

Started in 2010, primarily AskMe.com was a classified portal. In 2012, the firm launched Askmebazaar.com, it’s online shopping portal that concentrated on small and medium companies. In the end of 2013, Getit acquired AskMe.

For More Startup News, Funding News, Trending News, Startup IdeaSuccessful Startups, Failed Startups & Reviews regularly visit Startupsfeed.com   Startupsfeed

About Deepali

Deepali
Passionate Writer with 04 Years of Experience in creating SEO-friendly blogs and articles.

Check Also

Facebook Marketplace

Facebook introduces Marketplace to Buy & Sell easily

Facebook launched a Marketplace that helps users to buy and sell products from your local …

Leave a Reply

Your email address will not be published. Required fields are marked *