Gurugram-based online grocery delivery startup Satvacart has shut down its operations after 12 years of operation. The company's last working day was August 28. Founder Rahul H. Saxena said in a LinkedIn post that the decision was due to a lack of funding to survive in the market and failed investment and acquisition talks with other big players. The company has already laid off employees.

Satvacart started its services in 2014 with milk delivery. Later, it shifted to an inventory-based grocery delivery model and focused more on making profits than on rapid expansion. The company, which secured good funding in 2015, reached financial health in 2016 itself and achieved operating profit by 2019. Satwakart tried to grow slowly, focusing only on profits.

But the entry of quick-commerce platforms into the online grocery market in India turned out to be a major setback for Satwakart. With the rapid delivery services of companies like Blinkit, Septo, Swiggy and Instamart conquering the market, Satwakart was unable to grow at the required rate. Rahul H. Saxena added that he had made every possible effort to ensure the survival of the company and that he was stepping down without any guilt.