SUMMARY
- My Tirth India announced its closure of operations on Monday, August 26, due to a funding crisis.
- My Tirth India, as a pilgrimage and darshan site, facilitated tours to India’s premier religious destinations.
- Astro and spiritual technology startups have collectively raised over $40 million in the past 15 months.
Spiritual technology startup, My Tirth India, announced its closure of operations on Monday, August 26, due to a funding crisis. This revelation comes as a surprise considering that spiritual technology has emerged as one of the most lucrative sectors, despite facing challenges in the funding environment.
Over the past 15 months, numerous startups in the spiritual technology domain have secured over $40 million in funding.
Indraneel Dasgupta, co-founder and CEO of My Tirth India said, “..we have tried to generate as much employment as possible across cities, villages and towns encouraging people to rediscover their culture, traditions and heritage. But it’s with utter sadness that we finally have to shut down the office due to the lack of funds after the unfortunate demise of our principal shareholder and mentor.”
My Tirth India, a pilgrimage and darshan site, facilitated tours to India’s premier religious destinations, offering a comprehensive platform that brought together temples, priests, accommodations, travel agencies, astrologers, and offerings like ayurveda and yoga.
The company secured nearly $1 million from the late Subrata Roy, who served as the company’s principal shareholder and mentor. Roy was the founder and managing director of Sahara India Pariwar. Presently, singer Anup Jalota is the chief mentor for My Tirth India.
Established in 2019, the firm introduced spiritual membership programs for travelers and spiritual showrooms in cities including Lucknow, Varanasi, Kolkata, Noida, among others. Additionally, it offered a range of spiritual products such as agarbatti, dhoop, puja samagri, havan samagri, and idols.
Industry reports indicate that the Indian travel sector contributes to 10% of the country’s GDP, with spiritual tourism accounting for 65% to 70% of the total volume.
Astro and spiritual technology startups have collectively raised over $40 million in the past 15 months. Noteworthy ventures during this period include Ustav App, DevDham, InstaAstro, AstroTalk, Vama, and Melooha, which also secured significant funding during this period. Furthermore, SriMandir’s parent company, AppsForBharat, is rumored to be in discussions for raising $15 million in a new funding round.
