Online estate agency Doorsteps is due to make an announcement about its financial status in the next few weeks.
This follows enquiries to the company by The Negotiator following the publication of its annual accounts for 2019 which show diminishing ‘cash at the bank’.
Upside Capital Ltd, the company behind Doorsteps, had £694,958 cash at the bank at the end of 2018 which reduced to £196,768 last year. Accounts for 2020 are not due yet.
Its founder, who has so far raised £1.4 million from investors via two crowdfunding efforts, says he cannot comment on the company’s financial position now.
In the past Doorsteps has presented as a considerable and rapid success story for its founder Akshay Rupernalia, which several newspapers have described as a ‘teen millionaire’.
These claims were based on crowdfunding efforts in 2017 and 2018, which gave Doorsteps a ‘pre-money’ valuation of £12 million and £18 million respectively.
“Akshay says he is now on a mission to put traditional High Street estate agents out of business because they charge thousands of pounds in commission to sell a house – and he does it for just £99,” the Mirror said in 2017.
Rupernalia has told The Negotiator that an announcement would be made soon but that he was unable to comment further.
“However, despite the global atrocities of 2020, our performance was another consecutive improvement on the prior year, we’re glad to say,” he said.