This doesn't come as a surprise to me. Beepi was, quite frankly, idiotic in it's spending - as are most of these companies. 100 engineers doesn't always mean you get things done quicker - WhatsApp had something like 15 engineers with > 500 million users on their platform at the time of the Facebook acquisition of $19 billion.

Note to startups: Hire quality, not quantity. And ONLY hire if you're absolutely desperate. If you're technical, do the work yourself instead of throwing your investors money at it. If you're lucky enough to get an investment, treat it as your last one, and never assume more money is coming.