Omnikart Shuts Down Amid Cofounder Quarrel

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India-based Omnikart, a B2B eCommerce portal, has reportedly halted operations.

Reports on Thursday (Aug. 4) said Omnikart, which focused on providing industrial equipment for online corporate buyers, has closed down due to a disagreement between its cofounders. The site shut down in March, but reports did not emerge until now as to the reason.

Cofounder Faisal Ansari spoke with reporters last week to discuss the matter, explaining that the dispute was with Cofounder Mandar Zope regarding growth strategy.

Ansari has joined Industrybuying, a B2B eCommerce marketplace rival. According to the site’s CEO and cofounder, Swati Gupta, Ansari will lead growth efforts and provide expertise in strategy, product management for startups and B2B operations at Industrybuying.

Reporters with Techcircle, who spoke with Ansari, said Zope could not be reached for comment.

Last year, Omnikart announced a $100,000 seed funding round from several investors. After that seed funding, the cofounders began to quarrel, according to Ansari.

“We lost track and were not focusing on profitability and hence our growth suffered,” he said. “Finally, in March, we decided to stop the operations due to internal conflicts.”

Reports last year said Zope was looking to raise $2 million for the company by the end of 2015; reports said that funding never came. A slowdown in investment in this sector may also have played a part, according to reports.