Nexus-backed Investmint Initiates Voluntary Liquidation Process

• Investmint, a signal-based trading app backed by Nexus Venture, has started its voluntary liquidation process under the Insolvency and Bankruptcy Code, 2016.
• The board and shareholders have approved the transfer of intellectual property and asset distribution, appointing Anagha Anasingaraju to finalize the terms.
• Sources indicate the liquidation will facilitate M&A activity, with 25% of raised capital being returned to investors while IP remains with the founders.
• Investmint, launched in February 2022, halted services last month due to an unsustainable business model, despite raising $2 million in seed funding.
• The startup joins a list of new-age firms like Koo, Nintee, OKX, Muvin, and FrontRow that have shuttered operations recently.

Source: Entrackr