Birth of a Spiritual Tech Start-Up
My Tirth India was born in 2018–2019 in Mumbai. It made its entry into the startup ecosystem with a dream of digitizing India’s spiritual heritage. It was intended to be a one-stop platform by providing services like pilgrimage travel packages, online booking of puja, astrologer consultations, Ayurveda and wellness programs, delivery of prasad, and even funeral services to the pilgrims and devotees. To further consolidate its presence outside the online world, the company launched spiritual showrooms in places like Varanasi, Lucknow, Kolkata, and Noida, where people could buy idols, incense sticks, and other items while also getting advice on rituals.
Supported by Subrata Roy
The backing of Subrata Roy, the promoter of Sahara India Pariwar, fueled the growth journey of the startup. Roy not only guided the team but also invested substantially, putting in almost one million dollars, approximately ₹8.3 crore. In doing so, he became the largest investor as well as the guide.
Growth and Financial Performance
My Tirth India had outstanding growth figures during its early years. Its revenue increased from ₹0.89 crore in FY22 to ₹3.3 crore in FY23, a substantial jump in just one year. But with this growth came increased losses. Net losses got doubled, shifting from ₹1.2 crore in FY22 to ₹2.68 crore in FY23. The figures pointed out the fact that there was aggressive growth, but without any direction towards profitability.
The Turning Point
The most pivotal moment arrived in November 2023 with the demise of Subrata Roy. His death took away the company’s guiding light along with its financial pillar. In his absence, My Tirth India dived into a severe funding crisis. As per founder Indraneel Dasgupta, the firm had declined to a workforce of around just ten staff who were working on zero salaries. The Mumbai office was closed, and operations were reduced to the minimum, with the startup being unable to support itself.
The Official Shutdown
On August 26, 2024, My Tirth India made it public that it had shut down its operations. Although some early statements had called the shutdown temporary, hoping to be restarted in case new investors entered. With time, the shutdown became permanent as no money arrived. For Dasgupta, this was not only a professional fall but a very personal moment, as the destiny of the company was linked to the memory of Subrata Roy.
The Last Chapter
Before it closed its doors, My Tirth India had already established itself in the spiritual tech industry with its offerings and was increasing its reach. It had raised a million dollars in its capital funding, and has even tried to infuse traditional spirituality into modern technology. But the demise of its core mentor and fund provider, along with increasing losses, resulted in the startup having no option but to shut down permanently by late August 2024.
