Bangalore based food tech startup, Dazo has been shut down and the company has stopped taking new orders.
The company, which was initially called Tapcibo, used to aggregate meals from partner restaurants and took care of last-mile delivery.
The company was rebranded as Dazo in April and raised funding from Google’s Rajan Anandan, Amazon’s country manager Amit Agarwal, Commonfloor’s Sumit Jain, TaxiForSure’s Aprameya Radhakrishna and SAIF’s Alok Goel.
In this event the Chief executive Shashaank Shekhar Singhal said in a statement that the team will be working on a different product.
“As a team, we’ve decided to move over this business and we’ll be working on a new product. I hope we were able to serve you well,” said Singhal.
“The market is in a bit of a lull, probably due to what’s happening in China. However, we don’t feel there’s any bubble that’s waiting to burst. Food tech is a capital intensive field, but I do think the market will bounce back in a few months and we’ll see a lot more funding,” he added.
The Food-tech startups have attracted large investments from VCs over the past one year, however, many have found it hard to raise funding past the Series A. For instance, Dazo was competing with companies such as Swiggy, Tinyowl and Zomato, aggregators which have way more restaurants and hence service more orders.