AskMe Shuts Down Due to Non-Payment by Investor...

AskMe Shuts Down Due to Non-Payment by Investor Astro Group; Lays off all Employees Without Any Remuneration

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AskMe, a hyperlocal e-commerce company, has been facing troubles since the start of the year when its primary investor, Malaysia-based Astro Holdings defaulted on payments to sellers, own employees and other dues. The bills had amounted up to $15 Million from January 2016, and since Astro has 98.5% stake in AskMe, the company had to rely on just one source of income.

AskMe Group CMO, Manav Sethi talked about a possible buyout, “Astro is pulling out of all business and its investments in India because of the political and legal issues. AskMe Group has made a management buyout bid and leadership team is working towards taking over the company.” However, this failed to see the light of the day because of Astro.

Making the problems worse, Astro was supposed to sign the Management Buyout Proposal(MBO) but eventually refused to exit the business or infuse more capital into the company. This locked AskMe from all sides since it could not raise money from any other investor to clear off the dues and continue the business. The employees haven’t been paid for the past two months which have made matters out of hand.

Because of all these matters piling up, finally AskMe Group has decided to suspend its operations across India with immediate effect. The daily running costs and legal hassles were taking a toll of the company and this was probably the best and the only decision the higher management could have taken.

Interestingly though, the site is still live and customers can still place order – however, we doubt that any of the orders placed now will get fulfilled.

Will AskMe be able make it back on its own?

While the company has shut its operations everywhere, there is a little ray of hope that the operations might be back soon. After all, the only reason AskMe couldn’t deliver is because it is stuck in a tussle with Astro Holdings, which itself is stuck with legal matters related to money laundering.

Astro Group also continues to refuse to attend board meetings and other important discussions for AskMe’s future. Around 650 employees had exited from AskMe early this year due to fear of terminations from the workforce and AskMe’s inability to pay salaries.

The future does look bleak for the company, but it is also an important lessons for startups that rely on just one majority investor. In fact, it is not just about investors, a company must have a vision for the future that provides it a safe belt for the years to come.

Even if AskMe makes it back, it might not find enough investors and adequate funding to restart its operations, because the industries it has forayed into – groceries and furniture – are already facing operational and financial challenges

44 Comments  |  
24 Dimers
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Deal Lieutenant
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https://cdn0.desidime.com/attachments/photos/270140/medium/3531958AskMe-App.jpg?1480965432

The Bapp of All Apps https://cdn3.desidime.com/assets/textile-editor/icon_lol.gif

Baba ji
Deal Lieutenant
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The way AskMe was doing business ( no customer support, ZERO reliability ), it was bound to happen.

Bus thoda jaldi ho gaya https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif

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Budding Star
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Whose next? https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif

Arasu
Shopping Friend
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@xuseronline wrote:

They way AskMe was doing business ( no customer support, ZERO reliability ), it was bound to happen.


Even though with good customer support, the same has been happened to PepperTap, Hushbabies and Taggle.com (In my personal experience, they had best customer service)

Arasu
Shopping Friend
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Oops….How dare I forgot to mention Yebhi.com? (loot started with a rupee slippers) …… https://cdn1.desidime.com/assets/textile-editor/icon_biggrin.gif

Shutterstock 1013504321
Deal Lieutenant
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@xuseronline wrote:

They way AskMe was doing business ( no customer support, ZERO reliability ), it was bound to happen.
Bus thoda jaldi ho gaya https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif


How They will Provide Customer Care when they dont have money to Pay Salary ? https://cdn1.desidime.com/assets/textile-editor/icon_biggrin.gif

Shutterstock 1013504321
Deal Lieutenant
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@Utsav wrote:

Whose next? https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif


Tolexo https://cdn1.desidime.com/assets/textile-editor/icon_biggrin.gif

296295 200355740035872 100001843435985 440416 698692391 n
Deal Subedar
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@SmallKing wrote:

Oops….How dare I forgot to mention Yebhi.com? (loot started with a rupee slippers) …… https://cdn1.desidime.com/assets/textile-editor/icon_biggrin.gif


I still have those slippers https://cdn1.desidime.com/assets/textile-editor/icon_biggrin.gif https://cdn1.desidime.com/assets/textile-editor/icon_biggrin.gif

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@blue wine wrote:

@Utsav wrote:

Whose next? https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif


Tolexo https://cdn1.desidime.com/assets/textile-editor/icon_biggrin.gif


What made you say so? I had a very good opinion about tolexo, though never shopped with them. https://cdn3.desidime.com/assets/textile-editor/icon_surprised.gif

Baba ji
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@Utsav wrote:

@blue wine wrote:

@Utsav wrote:

Whose next? https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif


Tolexo https://cdn1.desidime.com/assets/textile-editor/icon_biggrin.gif


What made you say so? I had a very good opinion about tolexo, though never shopped with them. https://cdn3.desidime.com/assets/textile-editor/icon_surprised.gif


You never shopped with them but had good exp https://cdn1.desidime.com/assets/textile-editor/icon_eek.gif

Missing
Deal Lieutenant
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should i uninstall ask me pay app
https://cdn3.desidime.com/assets/textile-editor/icon_lol.gif

helpchat already done…..

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Deal Lieutenant
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@Utsav wrote:

Whose next? https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif


next should be HELPCHAT
https://cdn3.desidime.com/assets/textile-editor/icon_lol.gif

Images
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I had 50 bucks(CB) in their wallet logged in after more than a month and it shows nil.

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@xuseronline wrote:

@Utsav wrote:

What made you say so? I had a very good opinion about tolexo, though never shopped with them. https://cdn3.desidime.com/assets/textile-editor/icon_surprised.gif


You never shopped with them but had good exp https://cdn1.desidime.com/assets/textile-editor/icon_eek.gif


There is a thin line between opinion and experience. Whenever gojavas came at my doorstep for delivery, they mostly had 4-5 packages of tolexo for delivery (all of them prepaid). So, I thoght they might be having a good chunk of customers. Hope you got my point. https://cdn1.desidime.com/assets/textile-editor/icon_smile.gif

@desidude2013 wrote:

@Utsav wrote:

Whose next? https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif


next should be HELPCHAT


Copy that. https://cdn3.desidime.com/assets/textile-editor/icon_lol.gif

Missing
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Now started to ponder… who all will be left and what’ll happen to loots?… https://cdn2.desidime.com/assets/textile-editor/icon_rolleyes.gif

Baba ji
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@Utsav wrote:

@xuseronline wrote:

@Utsav wrote:

What made you say so? I had a very good opinion about tolexo, though never shopped with them. https://cdn3.desidime.com/assets/textile-editor/icon_surprised.gif


You never shopped with them but had good exp https://cdn1.desidime.com/assets/textile-editor/icon_eek.gif


There is a thin line between opinion and experience. Whenever gojavas came at my doorstep for delivery, they mostly had 4-5 packages for delivery (all of them prepaid). So, I thoght they might be having a good chunk of customers. Hope you got my point. https://cdn1.desidime.com/assets/textile-editor/icon_smile.gif

@desidude2013 wrote:

@Utsav wrote:

Whose next? https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif


next should be HELPCHAT


Copy that. https://cdn3.desidime.com/assets/textile-editor/icon_lol.gif


Oops!
I actually read, “experience” instead of “opinion
Sorry about this https://cdn2.desidime.com/assets/textile-editor/icon_rolleyes.gif

Shutterstock 1013504321
Deal Lieutenant
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@Utsav wrote:

There is a thin line between opinion and experience. Whenever gojavas came at my doorstep for delivery, they mostly had 4-5 packages of tolexo for delivery (all of them prepaid). So, I thoght they might be having a good chunk of customers. Hope you got my point. https://cdn1.desidime.com/assets/textile-editor/icon_smile.gif


https://cdn1.desidime.com/assets/textile-editor/icon_eek.gif 4-5 Prepaid parcel https://cdn1.desidime.com/assets/textile-editor/icon_eek.gif When did tolexo looot came
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@blue wine wrote:

@Utsav wrote:

There is a thin line between opinion and experience. Whenever gojavas came at my doorstep for delivery, they mostly had 4-5 packages of tolexo for delivery (all of them prepaid). So, I thoght they might be having a good chunk of customers. Hope you got my point. https://cdn1.desidime.com/assets/textile-editor/icon_smile.gif


https://cdn1.desidime.com/assets/textile-editor/icon_eek.gif 4-5 Prepaid parcel https://cdn1.desidime.com/assets/textile-editor/icon_eek.gif When did tolexo looot came

By the way what is loot? https://cdn1.desidime.com/assets/textile-editor/icon_eek.gif

Shutterstock 1013504321
Deal Lieutenant
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@Utsav wrote:

@blue wine wrote:

@Utsav wrote:

There is a thin line between opinion and experience. Whenever gojavas came at my doorstep for delivery, they mostly had 4-5 packages of tolexo for delivery (all of them prepaid). So, I thoght they might be having a good chunk of customers. Hope you got my point. https://cdn1.desidime.com/assets/textile-editor/icon_smile.gif


https://cdn1.desidime.com/assets/textile-editor/icon_eek.gif 4-5 Prepaid parcel https://cdn1.desidime.com/assets/textile-editor/icon_eek.gif When did tolexo looot came

What is loot? https://cdn1.desidime.com/assets/textile-editor/icon_eek.gif


Loot ke bina kaun order place karega tolexo per Vo bhi prepaid https://cdn3.desidime.com/assets/textile-editor/icon_wink.gif

Draw
Deal Colonel
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@xuseronline wrote:

The way AskMe was doing business ( no customer support, ZERO reliability ), it was bound to happen.

Bus thoda jaldi ho gaya https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif


Oh it’s grocery ?

I thought it is some service like justdial ?

Ezio auditore  italy  1481 by justanor d2wovz1
Deal Cadet
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Once tried to buy something from askmebazaar and the shitty site couldn’t place an order itself. Not to mention the bad Ui and products. Good riddance!

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Deal Subedar
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That’s why ask me pay app not working from 2 days….!! https://cdn1.desidime.com/assets/textile-editor/icon_sad.gif

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Deal Cadet
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ask me bazaar has closed down.

but was it ever up ?

none of dimers got anything, forget about loot.

Askmebazaar lays off 4000 people ? strange what were they doing if no orders fulfilled till date.

Original promoters ran with all the money leaving Malaysian funding company 97% of this junk.

Dual survival cody lundin 2
Deal Captain
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Inkfruit.

I had Rs.2000 + balance in inkfruit buy they ran away with that balance.

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