Mumbai based consumer startup that allows users to build their ‘One wishlist for Life’ Wishberg has decided to shut down. Earlier reported by MediaNama the social wishlist network Wishberg is shutting down and the founders Pravin Jadhav and Kulin Shah are moving to the Sequoia Capital-backed online recharge and couponing site Freecharge.
Revealing the news, team Wishberg on their company blog state – “We set very high goals for us when we raised our first investment in April 2013. As a startup, data is your best friend. Reviewing those goals at the end of the year, we realised that we have trailed behind on few of them. For us a team, we have always believed in chasing bigger dreams and not take up smaller challenges. Keeping up with that belief, we will be sunsetting Wishberg in coming days while we give time to our users to go through their accounts and wishes.”
The founding team at Wishberg is joining forces with FreeCharge – “We believe FreeCharge will be a perfect fit for our team & capabilities – FreeCharge’s scale combined with its amazing leadership, awesome team and appetite for success is inspiring for us. Pravin (@beingpractical) will lead efforts on Product & Growth and Kulin (@NowEntrepreneur) will lead efforts on Partnerships & Alliances at FreeCharge.”
Earlier in 2011 when the product was launched it was known as Tyche’d (pronounced as “Tai-Kee”) and back then the aim was to enable users to leverage the power of Social Graphs in the real world. Speaking with us Pravin had stated, “Tyche’d connects a prospective buyer with more buyers thereby shifting the power of negotiation to consumers. Social graphs for people are now established, we are building social graphs for purchase intents & user interests in a very local context. With users spending more time on social networks, social discovery platforms are strong contenders to search.”
In November 2012, Tyche’d Web Services announced the public beta launch of its social discovery platform and re-branded it to Wishberg. The core idea also re-shaped a bit with time and in August, 2013 it pivoted from its original idea of curating wishes to a simple wishing platform.
By now Wishberg was looked upon as one of the brightest product startups in the country and it also got the much needed cash. India Quotient, an early stage venture capital firm started by former Seedfund executive director Anand Lunia invested an undisclosed amount in Wishberg along with angel investors like One97 founder and managing director, Vijay Shekhar Sharma and HeadHonchos CEO, Uday Sodhi.
This note of closing down does come as a bit of shock to the believers of India turning into a product nation but then the startup has clearly mentioned that it trailed behind in few of its goals.