Trading app Investmint goes for liquidation process

The road for signal-based trading app Investmint has come to an end as the Nexus Venture-backed startup has started its voluntary liquidation process provisions of the Insolvency and Bankruptcy Code, 2016.

The board at Investmint has passed a resolution with the consent of its shareholders to go through the voluntary liquidation process under the IBC Regulation 17, 2016, its regulatory filing accessed through the Registrar of Companies shows.

The two-year-old startup also got the approval to transfer all its intellectual property and distribution of assets from the board and its stakeholders, the filing further added. The early-stage firm also appointed Anagha Anasingaraju to finalize the terms of liquidation.

Sources indicate that the liquidation process will ease the M&A activity without any baggage to the buyer. “Investmint is returning around 25% of raised capital back to investors while the IP remains with the founders,” said one of the sources requesting anonymity.

As reported earlier, the firm is in advanced talks for the sale of intellectual properties (IP) to bigger players.

Last month, Entrackr exclusively reported that Investmint halted its services as the firm didn’t manage to find a reliable business model. 

Launched in February 2022 by Aakash Goel and Mohit Chitlangia, Investmint used to assist users in arriving at investment decisions and managing wealth with data backed information.

In October 2022, the company raised $2 million in a seed round led by Nexus Venture Partners, with participation from several angel investors. As per sources, Investmint may return remaining capital to its backers.

Of late, a clutch of new age startups went out of business after they failed to find product market fit and substantial traction. Vernacular microblogging platform Koo became the latest to shutter operations even after raising over $50 million. Paras Chopra’s Nintee, crypto exchange OKX, neobank Muvin, and FrontRow also made to the list.

Update: The story has been updated with more inputs from sources.