Is this the end of Spiritual tech startup My Tirth India? Yes, they have lately announced to be shutting down due to lack of funding. This news is of course shocking as surge of interest and investment in the spiritual tech sector has gone up recently. More than a dozen startups in this space have secured at least $40 million in funding in past 15 months or so.
My Tirth India was founded in 2019 to bridge the gap between technology and spirituality. It offered a platform that combined various services such as pilgrimage tours, temple visits, astrology, Ayurveda and yoga. It mainly aimed to make spiritual travel more accessible as well as more convenient by bringing together temples, priests, hotels, travel agents and spiritual products under one roof. Hence, the approach was innovative as it was a kind of spiritual tourism promotion. It simultaneously provided employment opportunities across cities, villages and towns.
However, My Tirth India faced financial challenges following the death of its principal shareholder and mentor Subrata Roy, who was the founder and managing director of Sahara India Pariwar. He had been a significant supporter of the startup and contributed nearly $1 million funding. His demise left a void and it was difficult for the startup to fill.
My Tirth India co-founder and CEO Indraneel Dasgupta expressed sadness over the decision to close the business. He acknowledged the impact of losing their key backer.
The Indian travel industry holds immense potential. It is estimated that spiritual tourism contributes about 65% to 70% of the total volume of India’s travel sector. The popularity of spiritual tourism has paved the path for many more startups in the segment. A few to name here are Ustav App, DevDham, InstaAstro, AstroTalk, Vama and Melooha.
