Then Voly collapsed in November after also failing to raise additional capital. It launched in July 2021 and raised $18 million in a Seed round led by Sequoia Capital India alongside Global Founders Capital and Australia-based Artesian Capital in December 2020.

The company’s administrators said Voly “may have acted insolvent from the start” in their analysis of the company.

Voly had a net loss of $13.6 million for the fiscal year ended June 30, 2022.

Subscription butcher startup Onze Koe took over the Voly brand and other assets from the administrators just before Christmas.

Administrators Hall Chadwick believe creditors, who owe a total of $17.7 million, will receive between 15 cents and 27 cents in the $1 post-liquidation of Voly.