The site as well as its official Facebook Page reads, ‘We have stopped taking orders on our website. We thank all our customers for their valuable patronage. We loved serving you and hoped that we lived up to your expectations.’
Multiple users of the site seemed to have been caught unawares as the site did not appear to have given any particular notice before it officially downed shutters. However, the company will honor all pending orders, “All the pending refund requests and replacements will be taken care of”, reads one of the company’s posts.
Interestingly, the buyout offered a financially lucrative exit for UrbanTouch’s investors Tiger Global and Accel Partners who had collectively pumped in more than Rs. 20 Crores (US$ 3.6 Million). Considering the fact that UrbanTouch changed owners for US$ 30 Million, the VC duo could have gained a handsome figure for their foresight.
Why was UrbanTouch acquired?
The website had an interesting business proposition. Though the site was officially an independent entity, Abhishek Goyal is a co-founder to both the businesses. These entities were supposed to operate separately, but were to have cross-linkages. In other words, both the sites were to help each other by providing links of products on each other’s inventory. All in all, the sites could have simply been amalgamated to create a singular consolidated entity.
Let’s see how well FashionAndYou uses its latest acquisition.
Image Courtesy | fashionandyou