India, July 14 -- Startup-focused social networking platform Medial is winding down its operations, its founder and CEO Niket Raj Dwivedi announced today in a post on LinkedIn.

The "difficult decision" to shut down came after the startup failed to raise fresh funding amid a mounting cash crunch. As per a person familiar with the development, it was struggling to find a monetisation channel.

As per Dwivedi, the decision came after attempting to build an online community for founders, startup employees and investors across India.

As per the founder, Medial reached more than 5 Lakh users, and expanded to over 30 countries. He also claimed that several startups built on the platform later went on to raise funding and appear on the televisi...