Indian AI software startup Nintee has officially shut down on Tuesday.
Backed by investors such as Peak XV Partners and Cred founder Kunal Shah, Nintee wanted to develop an app to change people's habits through cheat codes for health, wealth, and wisdom.
But Nintee founder Paras Chopra called it quits on X, Facebook, and Instagram yesterday.
"Our original hypothesis was to use AI for helping people build better habits to transform their lives." he released a note on social media.
Failed Startup:
He wrote that he tried creating a successful consumer app competing against larger platforms such as YouTube, Instagram, and Fortnite. However, they failed to achieve it, so Chopra is returning most of the funds raised by Nintee to investors.
Nintee raised $3M in its last funding round on 20 Apr 2023, as per Tracxn.
All Nintee employees will receive four months of severance pay and an open offer letter to join Wingify, Chopra's other company. They'll receive the same salary without any gap in employment.
Wingify is a bootstrapped software provider specialising in website testing with a client base exceeding 2500 across 90+ countries with annual recurring revenue of $30 million, employing over 300.
Nintee joins a growing list of startups that failed at building direct consumers in edtech post-Covid.
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