Karthik Gurumurthy, previously Senior Vice President at Swiggy, has decided to halt his plans to launch an offline venture named Convenio, despite raising USD 3 million from investors including Matrix Partners India, according to media reports.
The venture aimed to establish a chain of low-cost physical stores similar to Aldi’s model in Europe. As per media reports, Gurumurthy's decision comes amidst the rapid growth of quick commerce in India, which has seen companies like Blinkit, Swiggy Instamart, Zepto, and Tata BigBasket dominate the market for groceries and fresh produce delivery.
According to media reports, Gurumurthy, who left Swiggy in late 2023 to pursue entrepreneurship, has returned the capital raised from investors as he shifts focus to a new startup that remains undisclosed. His LinkedIn profile reflects this transition, signaling his commitment to maintaining investor trust and pursuing future endeavours with a strategic approach.
This move aligns with a trend among founders who opt to return capital when ventures fail to materialise as expected, a practice viewed positively within the startup ecosystem for its transparency and responsible management of investor funds.
