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Low-cost store chain Convenio’s founder shelves venture; returns capital to Matrix Partners, others

Money Control  

Karthik Gurumurthy, former senior vice president at Swiggy, has returned the capital he raised from investors including Matrix Partners India, signalling a halt to his plans for launching a new offline venture.In January, Karthik had raised USD 3 million from Matrix Partners India and others to start Convenio, a low-cost chain of physical stores. The model was similar to what Aldi does in Germany, the UK and other parts of Europe.