Indian foodtech platform Thrive shuts its operations, citing a lack of resources as the primary reason.
The decision was disclosed by cofounder and CEO Krishi Fagwani in a LinkedIn post, where he reflected on the challenges faced by the startup in competing with larger, well-funded players in the industry.
“Scaling that vision required resources we couldn’t secure,” Fagwani said, referencing Thrive’s attempts to provide an equitable alternative in food delivery through lower commissions, fair pricing, and a closer connection between restaurants and customers.
The company is now transitioning its key services—Thrive ONDC, Thrive Direct, and the Thrive Marketing Suite—to other industry partners to maintain continuity for its restaurant collaborators. Fagwani assured that ongoing services, including payments and tax compliance, would remain unaffected during this transition.
Thrive was founded in 2020 by Fagwani, Dhruv Dewan, and Karan Chechani and had partnerships with over 14,000 restaurants across 80 cities in India.
Unlike its larger competitors, Swiggy and Zomato, Thrive charged a commission of only 3% and allowed restaurants to use their delivery networks or third-party logistics services.
In August, the platform joined the government-backed ONDC (Open Network for Digital Commerce) initiative in an attempt to expand its customer base.
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The startup received backing from major players, including Jubilant FoodWorks, which acquired a 35% stake for ₹25 crore in 2021, and Coca-Cola India Pvt. Ltd., which invested in the company in 2023.
At the time of closure, Thrive employed 42 people.
