Indian gaming and entertainment centre operator, Smaaash Entertainment is shutting down, according to an NDTV report. The company decided to call it quits as per an internal email shared by the source.
The company found it difficult to hang on as the coronavirus cases continue to surge and operations have come to standstill. Smaaash operates in more than 40 locations across 19 cities in India and used to be a popular hangout for urban teens and tweens before lockdowns were imposed and fears forced them indoors.
In a letter to the company's employees dated September 15 and reviewed by Reuters, founder Shripal Morakhia said: "I am sorry that despite my best efforts I have failed in my efforts to save the company from its premature death." The email did not give other details.
The founder in his email stated that the investors failed to fund the company at this time of difficulties.
The founder did not respond to confirm the development.
In 2019, Smaaash had crossed Rs 3 billion about seven years after it opened its first outlet.