Startup with ₹232 crore in pre-orders files for bankruptcy
Shuttered US-based selfie drone making startup Lily, which received ₹232 crore in pre-orders from over 60,000 customers, has filed for bankruptcy. The startup is also facing a false advertising lawsuit accusing it of shooting its promotional videos using GoPro cameras and DJI drones. According to the bankruptcy filing, Lily plans to issue refunds and auction off its intellectual property.