My Tirth India Shuts Down Its Operations Due to Lack of Funds
My Tirth India, a spiritual tech business, declared on Monday that it is ceasing operations as a result of a serious shortage of funding.
Following the passing of its primary shareholder and mentor Subrata Roy, the creator of Sahara India Pariwar, the company is facing a funding shortage, according to founder and chief executive Indraneel Dasgupta.
By urging individuals to reconnect themselves with their history, culture, and traditions, the firm sought to provide as many job opportunities as possible in urban, suburban, and rural areas.
"However, we regret to inform you that, following the tragic passing of our principal shareholder and mentor, we are now in a financial position where we must close the office," Dasgupta stated.
What My Tirth India Was Offering?
The company, which is situated in Mumbai and was established in 2018, is a pilgrimage and darshan website that provides a one-stop shop for pilgrims to travel throughout India's sacred attractions. A variety of online services, including online prasad and puja facilities, astrological and ayurvedic consultations, and funeral services, are also provided by the organisation. In addition, it offers customised trip packages for devotees.
Because of the current state of affairs, company was unable to move forward with its operations. It was already operating with a small workforce that is working without being paid, without having an office, and working from their homes. "At this point, we are unable to continue operations since we do not have the financial resources to do so," Dasgupta continued.
Spiritual and Religious App Market in India
Over the past few years, companies such as Peak XV Partners, Elevation Capital, Titan Capital, and India Quotient have made significant investments in India's rapidly growing market for religious and spiritual applications. Among the most important companies operating in this sector are Vama.app, Astrotalk, AppsForBharat, DevDham, and Utsav.
Using funds from Left Lane Capital and Elev8 Venture Partners, the digital astrology platform Astrotalk was able to raise $9.4 million on June 7th.
A well-known media outlet said on July 7 that the fortunes of apps that provide spiritual and devotional services have been revived as a result of a post-pandemic boom in internet engagement and a growing interest in spiritual activities in recent times both of which have occurred in recent times.
A number of business analysts have compared this trend to the quick growth in digital payment apps like Paytm that occurred after the demonetisation of high-value cash in 2016. The Ram Temple in Ayodhya was inaugurated in 2016, which contributed to an increase in the number of people using devotional applications.
Pooja Uniyal
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