Chennai based D2C meat brand Fipola ceases operations amid funding winter
- ByStartupStory | February 22, 2023
Chennai-based meat delivery D2C startup Fipola has reportedly shut its operations and is looking for ways to liquidate assets to pay off operational dues.
On Monday, founder and MD Sushil Kanugolu said that Fipola was shutting down its operations. According to Kanugolu, the startup was forced to shut operations as it was unable to raise funds, owing to unfavourable market conditions.
In January 2022, the brand announced an aggressive expansion with a capital infusion of Rs 40 crore.
Kanugolu confirmed that the brand isn’t operational anymore. “As it stands, we are not able to raise the required funds due to the bad market. We have moved to liquidating the assets of the company. As already informed we are an asset-rich company and not a tech startup. We have informed everyone and our channel partners, vendors etc. that the liquidation process has begun and that everyone shall be settled by April,” he said.
Fipola Retail India was founded in December 2016. Fipola delivered various non-vegetarian food items within two hours via its app and website. The brand had been in the news for its extensions Fipola Grill House and Fipola On Wheels.
Fipola had 65 stores across multiple cities in South India, with plans to expand to 250 stores by the end of 2023. Presently, it has stores in Chennai, Coimbatore, Hyderabad, Vellore, Pondicherry and Bengaluru, according to a media report.
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