Momspresso MyMoney platform is likely to get shut down by the end of this month. Momspresso, a parenting brand and a platform, was bought by Mamaearth, a beauty brand, for Rs. 152.3 crore. Since then, Momspresso’s shares have declined. Due to this sudden down situation, Momspesso has fired almost 80-100 employees.
Momspresso has engaged in different verticals, like brand marketing, user-generated content platform and MyMoney. There are chances that Mamaearth will close its brand marketing business also. Mamaearth will be having its initial public offering (IPO) soon. On the basis of this upcoming IPO, Mamaearth has taken this decision.
It is also said that the co-founder of the company has started a new marketing agency where they have hired employees laid down from Momspresso. But for now, Mamaearth is avoiding any contact with the media and not revealing any kind of information.
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