BENGALURU: After laying off most of its workforce recently, Lightspeed-backed edtech start-up FrontRow has now shut its operations. After almost three-and-a-half years since it started, the founders have realised that the market is not very large. The online learning platform focused on creative arts and sports and offered classes taught by celebrities in fields such as cricket, comedy and music.
Ishaan Preet Singh, co-founder, FrontRow, told TNIE that 90% of start-ups don’t work out and we don’t have regrets. “We have realised that the market is not very large and that is the reason for shutting down our operations,” he said, adding that with Covid, it took them a bit longer time to realise the market potential as during the pandemic, people were free and had more leisure time. The start-up is exploring potential acquisition, and if it does not materialise, the founders are planning to return the capital.
“We are still figuring it out and will take a few weeks to a couple of months to decide on this,” the co-founder said.
FrontRow had over 350 employees but after layoffs last October, the company employed only 30 people. Founded by Ishaan Preet Singh, Mikhil Raj and Shubhadit Sharma, it had so far raised about $18 million and its largest funding round was in August 2021- $14 million. The start-up was valued at $49.9 million in October. As per Tracxn, the start-up counts Elevation Capital, Eight Roads Ventures and Unacademy’s Gaurav Munjal, Ashneer Grover, among others, as its backers. The co-founder said it is unfair to blame the market, ecosystem or funding environment as only 5-10% of start-ups work out.