India, Oct. 16 -- Foodtech major Swiggy has decided to shut Pyng, its marketplace for professional services, by the end of this month. The move comes nearly six months after the company launched the Pyng app.

In an email sent to the sellers on the platform, Pyng cited unit economics challenges behind the decision to close the platform by the end of October.

". while user engagement and feedback were strong, the business model wasn't viable in its current form. The balance between customer acquisition costs and long-term customer retention didn't hold up sustainably, which led us to take this decision," it said.

Inc42 has reviewed the aforementioned email. Queries sent to Swiggy remained unanswered till the time of publishing this story...