SALT, a finance management platform designed to assist women with investment decisions, has paused operations and removed its ‘MySalt’ app from app stores. This decision follows increasing difficulties in acquiring and retaining users, with challenges in managing Customer Acquisition Costs (CAC) cited as a major factor.
Founded in 2020 by Chaitra Chidanand, Shinjini Kumar, and Aditi Sholapurkar, SALT aimed to offer tailored financial management solutions. The app, which gained significant traction with over 50,000 users by 2022, had plans to scale with a funding goal of $3 million to $5 million. SALT had recently introduced features like digital gold and mutual funds to its offerings.
Sources indicate that SALT’s founders are actively seeking strategic investment to relaunch the platform with a similar business model. The startup had previously secured seed funding from investors including 3one4 Capital and Global Founders Capital.
This development comes amid a challenging period for India’s startup ecosystem, which has seen a rise in shutdowns and paused operations. In 2023 alone, 34,848 companies faced closure or near-closure, reflecting broader difficulties within the sector.
SALT’s future remains uncertain as it searches for funding and strategic partners to revive its operations.
