After AskMe, Astro has pulled the plug on Getit, though the investor is trying hard to make it a soft lading for the company.
Astro Entertainment Networks Ltd (AENL) has, since 2010, made substantial investments in Getit InfoServices Pvt Ltd to participate in and support India’s fast growing e-commerce industry.
AENL made sustained and long term investments in Getit totalling nearly USD300 million to date to keep the business afloat during often volatile market conditions. Unfortunately, Getit has not been able to make its business profitable and sustainable despite these huge investments by AENL. An independent review by advisors has concluded that there is little prospect for turnaround and the business is insolvent. AENL intends to appoint a forensic auditor to review Getit’s books and will take appropriate steps based on the results of that audit.
Astro mentions that “Contrary to recent media reports, AENL has always been a responsible and patient investor in Getit over the last six years making every effort possible to support the business even as other investors withdrew. AENL has at all times been fair, scrupulous and professional in its dealings with the management of Getit. AENL will continue to act responsibly and in accordance with Indian laws over this matter.”
Well, nobody gets it !
Getit partnered with Yahoo India for relaunch of Yahoo’s local search.