According to the founder and CEO Indraneel DasguptaThe company is battling a funding crunch following the death of its largest shareholder and mentor, Subrata Roy, the founder of Sahara Indian Family.
“We have tried to generate as much employment as possible in towns, villages and cities, encouraging people to rediscover their culture, traditions and heritage. But we are deeply saddened to have to close the office due to lack of funds following the unfortunate demise of our principal shareholder and mentor,” Dasgupta said in a statement.
Founded in 2018, the Mumbai-based company is a Place of pilgrimage and darshan It offers a unique portal to travel across the religious destinations of India. Apart from offering customized travel packages for devotees, it also offers a variety of online servicessuch as online prasad and puja services, astrological and Ayurvedic consultations and funeral services.
“As things stand now, we cannot continue as we have a skeleton staff working without pay, we have no office and we are working from home. We now have no option but to stop operations as we do not have funds to continue,” Dasgupta added.
My Tirth India is the latest to join the growing list of startups that have shut down operations. Insurance technology startup Kenko Health, Bluelearn job search and training platform, Homegrown social media app KooAI-led software startup Nintee, backed by Accel and Alpha Wave The fashion startup Fashinza have closed their operations in recent months.
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However, India’s burgeoning religious and spiritual app segment has attracted significant investment from the likes of Peak XV Partners, Elevation Capital, Titan Capital and India Quotient in recent years. Key players in this space include Vama.app, Astrotalk, AppsForBharat, DevDham and Utsav. On June 7, digital astrology platform Astrotalk raised $9.4 million from New York-based Left Lane Capital and Elev8 Venture Partners.
On July 7, ET reported that An increase in online interaction after the pandemic And a growing interest in spiritual practices in recent times has revived the fortunes of apps that offer spiritual and devotional services.
The inauguration of the Ram Temple in Ayodhya also led to a surge in the use of devotional apps, with some industry experts comparing this trend to the rapid growth of digital payment apps like Paytm following the demonetisation of the high-value currency in 2016.
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