Smaaash shuts down – founder calls it a ‘premature death’ for the company
Gamingand entertainment operator Smaaashis shutting down as mallscontinue to see lower footfalls due to the coronavirus pandemic.
- Smaaash had been scouting for investors for a while, and had even received ‘word’ for investments, but that didn’t culminate into funding.
- The gaming centre is one of the first companies with a large presence to shut shop because of the pandemic.
“I am sorry that despite my best efforts I have failed in my efforts to save the company from its premature death,” wrote the founder
Smaaash is one of the first companies with a large presence to shut their doors because of the pandemic. Smaaash had over 650,000 sq ft space in operations with over 41 gaming zones. Indian cricketer Sachin Tendulkar was the brand ambassador of the company.
This is a major turn in the fortunes of a company, which in 2019 had seen its revenue cross ₹300 crore. The eight-year-old company had so far raised $82.6 million in funding. In 2018, the company was also hoping to head for an IPO.
LinkedIn posts of employees suggest that the company had also stopped paying employees for months and was unable to pay further.
Malls were shut for over three months due to the pandemic, putting immense pressure on retailers and mall operators. Even with the malls reopening from June, footfalls have still been in lower numbers as people are scared to venture out of their homes.
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