AskMe.com is a flagship product of Getit Infomediaand position themselves as a one stop destination for all queries ranging from restaurants to matrimony. It is an intensive listing platform which provides information to people about various topics. Launched in June, 2011, this company works 24×7 across all major cities in the country.
What has exactly happened to the company?
The company claims to have run out of cash to pay salaries to their employees and is also holding back vendor dues. The Malaysian venture capitalist, Astro, which holds 98.5% stake in AskMe owner Getit Infomedia, was supposed to pay AskMe $5million and has refused to pay the latest tranche fund which has caused AskMe a lot of trouble.
What has hampered the morale of the company further is that Astro refused to attend a board meeting regarding the problems they are facing in the current time frame. Astro still remains unavailable for a comment. However, previously Astro had said AskMe has failed to meet its plans due to lack of scale and difficult times in Indian ecommerce market, among other factors.
AskMe employees are being asked to write mails to Astro about receiving their salaries. They had written an open letter to Astro about clearing dues till June2016. A lot of employees who have quit earlier haven’t received their full dues either. A lot of other employees are looking to quit once they receive their salary. However, the employee lay-offs range between 400-600 for AskMe.com. “Employees have questioned why must they write to Astro. Their employers are Getit not Astro. It is Getit who should pay them,” said an executive who got one of these emails.
Currently, AskMe wrote a letter to the Ministry of Corporate Affairs (MCA) and the Registrar of Companies (RoC) seeking help in ensuring that Astro did not exit the business without paying its liabilities. Earlier, Astro had been a part of a similar case where Astro had been charge sheeted by CBI in the Aircel Maxis case, where money laundering has been alleged.
AskMe.com’s current status:
This isn’t the first time AskMe is facing a financial crunch. Two months earlier, they were in a similar situation where they were unable to pay vendor dues. In February, they had approached Alibaba to use Getit as a launching platform for India which was rejected and resulted in huge employee lay-offs.
Currently, AskMe is still functioning as a robust website despite all the issues they’re facing.