Financial planning portal, Moneysights has shut down its services from September 8th onwards. The company raised $270K in funding from Blume Ventures and InMobi’s Naveen Tewarry earlier.
Here is a copy of email sent to registered users:
You may have noticed that since middle of June 2012, we haven’t been updating the Stock Quotes or the Mutual Fund NAVs on the site & hence your Portfolio Values too. While we never intended to do this, circumstances forced us to stop the updates. And over last few months, we concentrated our efforts to get back on track so that the service could continue uninterruptedly. Unfortunately, things haven’t gone the way that would have been good for us & thus, to continue running moneysights has turned an economically unviable & practically impossible proposition.
We made an onsite announcement this week & incase you haven’t noticed that or visited moneysights in last few days, we thought of informing all our users. With deep regret, we want to inform you that moneysights would be shutting down its website effective today.
Our efforts to build the best & most simplistic Investments’ Products Discovery & Recommendation Service started way back in June 2009. Since then we tried multiple things based on our understanding of users’ needs & gaps in the marketplace. Our earlier efforts gave us directions & finally after 15 months of trial & error efforts resulted in the current version as moneysights – which many users, prominent bloggers & personal finance experts loved & appreciated.
We know that today there are many users who love us, use us & have relied on us for their Investments Decisions & felt deeply satisfied. We are sorry to them that we haven’t been doing a good job of replying to their queries on when do we expect to resume the services back. Unfortunately, we didn’t had a clear answer ourselves till very recently. We feel bad that they will be deprived of this service.
The entire moneysights team takes a lot of pride in the way our offering shaped up as a product & was received by the marketplace. While “simplicity” was an over-abused term in the field of Finance & Investments, both we & more importantly our users believed that our team actually introduced the most simplistic service that Indian Financial Product Consumers ever got exposed to.
We have cherished everyday of work that we did over these 3 years & enjoyed all the ups & downs. Ofcourse, we worked with a desire to be super-successful. However, we have accepted this undesired outcome & decided to move on. We feel sorry for this decision of terminating the service but thats our only option.
Inconvenience, if any, that you as a user may have gone through because of this decision, is deeply regretted. Many thanks for trying, using & supporting moneysights.
Paisa.com, another investing service has also shutdown and the team has pivoted to launching an online helpdesk service.
What do you think went wrong? We have reached out to founder, Santosh for the same.