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Spiritual startup My Tirth India shuts down ops due to lack of funds

EntrackrEntrackr · 1y ago
Spiritual startup My Tirth India shuts down ops due to lack of funds
Medial

Spiritual tech startup My Tirth India announced on Monday that it is shutting down operations due to a funding crisis. This news comes as a surprise, given that spiritual tech has emerged as one of the hottest sectors, even though the funding environment has been tight for others. In the past 15 months, over a dozen startups in the spiritual tech space have mopped up more than $40 million. My Tirth India is a pilgrimage and darshan site which used to enable tours to India’s top religious destinations by bringing temples, priests, hotels, travel agents, astrologers, ayurveda, and yoga to one platform. “..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,” said Indraneel Dasgupta, co-founder and CEO of My Tirth India. According to My Tirth India, it raised nearly $1 million from the late Subrata Roy who was the company’s principal shareholder and mentor. Roy was the founder and managing director of Sahara India Pariwar. Currently, singer Anup Jalota is My Tirth India’s chief mentor. Founded in 2019, the firm also launched spiritual membership programmes for travelers, and spiritual showrooms in cities like Lucknow, Varanasi, Kolkata, Noida, and spiritual products like agarbatti, dhoop, puja samagri, havan samagri, and idol, among others. According to industry reports, the Indian travel industry accounts for 10% of the country’s GDP. About 65% to 70% of the entire volume is contributed by spiritual tourism. As per data compiled by TheKredible, astro and spiritual tech startups have rmore than $40 million in the past 15 months. The notable names include Ustav App, DevDham, InstaAstro, AstroTalk, Vama, and Melooha also raised decent funding during the period. SriMandir’s parent company AppsForBharat is also in talks to raise $15 million in a new round. Entrackr exclusively reported the development in May.

AstroTalk profit zooms 12X to Rs 100 Cr in FY24

EntrackrEntrackr · 9m ago
AstroTalk profit zooms 12X to Rs 100 Cr in FY24
Medial

AstroTalk, a spiritual-tech company in India, experienced significant growth in the fiscal year ending March 2024. Its revenue from operations doubled to Rs 651.12 crore, with income from India and overseas countries seeing substantial increases. The company's profit also surged 12-fold to Rs 99.99 crore. AstroTalk operates as a digital astrology consultancy platform, connecting users with professional astrologers. Despite some skepticism, astrology and spiritual tech startups in India have raised around $60 million in funding in the past 15 months. The success of companies like AstroTalk can be attributed to the formalization of the economy and the demand for immediate information in the consumerist society.

InstaAstro raises $2.3 Mn led by Artha Venture Fund

EntrackrEntrackr · 1y ago
InstaAstro raises $2.3 Mn led by Artha Venture Fund
Medial

Online astrology platform InstaAstro has raised Rs 18.50 crore in its pre-Series A round led by Artha Venture Fund. The round also saw participation from LogX Ventures, Singularity Ventures, IR Capital Partners, Blume Founders Fund and Aloke Bajpai, MD & CEO of Ixigo. In November 2021, InstaAstro had raised Rs 3.2 crore in a seed round led by Artha Venture Fund along with Ramakant Sharma’s LogX Ventures. With fresh funds, InstaAstro is launching new spiritual e-commerce, daily pooja, and reiki healing services. As per the company, these offerings would deepen the platform’s user engagement and provide access to a comprehensive spiritual and astrological guidance ecosystem. Founded by Nitin Verma, InstaAstro claims to have over 200,000 monthly app installs, 50,000 minutes per day in consultations, and an ARR of $5 million. It offers horoscopes, tarot readings, and numerology in English, Hindi, and various regional languages. The startup has a total user base of over 5 million users and provided a cumulative consultation of more than 2 crore (20 million) minutes to its subscribers in FY24. The firm has 1,500 astrologers on its platform. It competes with GaneshaSpeaks, AstroTalk, Click Astro, and Bodhi. In the past 12 months, a clutch of astro and spiritual tech startups raised funds. The list included AstroTalk, Vama, Utsav, DevDham (previously DevDarshan), and Melooha. As per Entrackr’s sources, Bodhi is also in talks to raise a new round. AstroTalk had raised the largest funding ($20 million) among the astro and spiritual tech startups.

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