The digital health startup Nintee which was launched by Wingify founder Paras Chopra, has lately announced that, they will shut down their operation just after a year of launching.  In an online post Paras has declared that the maximum part of the funding raised by the company is still remaining as it is and will be returned to investors over the next few weeks.

The company was backed by quailed VC firms like Peak XV Partners, and famous investor Kunal Shah, and others.

Paras said, “Our original hypothesis was to use AI for helping people build better habits to transform their lives. This attracted a passionate niche, but we couldn’t build conviction that it could be a VC-scale business.”

They initiated with an idea but when it did not work, they tried to focus on education and learning related ideas. But soon the team realized that building a successful consumer app today is very hard.

Nintee has offered four months’ severance to the affected employee of the firm and also announced that, the employees can join the other company of Chopra VWO, at the same salary.

This is the third venture of Chopra after VWO and Wingify. His bootstrapped company Wingify recorded back-to-back profits in the past fiscal years. Its revenue from operations increased 16.8% to 223 crore in FY23 with 51 crore profit after tax.

Nearly half a dozen of startups in India is nearing to shut down operations in the ongoing fiscal year. few companies in the list are Resso (India), Rario, OKX (India), Muvin and GoldPe.