AppsDaily is dead. The Mumbai-based company, according to an investor report accessed by The Ken, is currently in the process of selling off its assets to repay its dues. The mobile protection (insurance and anti-virus) company, which was one of the first to pioneer the online to offline (O2O) strategy in India, stopped operations a few months ago, according to former employees.
No safety or surprise
Nine years and $30 million later, AppsDaily shuts down. What went wrong?
The Mumbai-based startup was the star when it came to offline distribution of apps and services. Many followed in its footsteps, but AppsDaily couldn’t keep up the momentum
Currently, according to multiple former employees, there are around 2,000 employees whose dues have not been settled
In FY16, AppsDaily clocked an operational revenue of Rs 74.40 crore and incurred a loss of Rs 82.2 crore
One of the reasons AppsDaily fell by the wayside was because e-commerce took off
AppsDaily’s pivot to phone repair brought it further grief