India, May 15 -- After raising $2.3 Mn since its inception in 2020, women-only community startup leap.club is halting its operations due to high customer acquisition costs and retention challenges.

The startup announced the decision operations on Instagram and LinkedIn.

"We would like to think we did many things right from a vibe, space, member experience and event programming pov, but here's the hard truth: the numbers from an acquisition and retention perspective didn't hold good," the startup said.

As part of the decision, leap.club said it will close its offline club in Mumbai's Bandra, which it inaugurated last year. Besides, it will halt operations of its online community and app by the end of this month.

"We've also had to take...