Spiritual Startup My Tirth India Shuts Down Due to Funding Crisis

The health-tech company raised $25 million in 2022. Now their operations are shut, website deactivated. They haven't paid their employees for over 3 months. They encouraged employees to resign and brought their count down from 2000 to 200. They even played a facade to showcase they were afloat by hiring people in Jan 2023, and moving to a larger office space. The employees allege the company had promised to clear the dues. This was backed by the Kalaari capital and others. What's happening with health tech?

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https://www.moneycontrol.com/news/technology/from-gomechanic-to-zestmoney-why-thousands-of-startups-shutdown-in-2023-11953691.html

ngmi - not gonna make it

ReshaMandi, a startup that raised over $40 Mn in equity funding, is facing insolvency pleas and has allegedly coerced employees to join another company, Genzr Solutions Private Limited, leaving hundreds of former employees awaiting salary dues. - ReshaMandi's downfall was attributed to rapid expansion across various verticals, revenue inflation, and financial mismanagement, including inflated revenue, fake vendors, and loan defaults. - ReshaMandi's founders and management personnel have joined Genzr, a seemingly unrelated company, raising questions about the acquisition and the funding received from an unrelated source. - The failure of ReshaMandi has raised concerns about VCs investing without adequate due diligence and the accountability of investors and founders for the company's financial situation and treatment of employees. Source: Inc42 - https://inc42.com/features/inside-the-upheaval-at-reshamandi-a-questionable-2nd-innings-after-a-40-mn-collapse/

There’s now a list of 4-6 startups that have shut down and announced closure in December. Why is this happening

- Tally, a nine-year-old fintech, has shut down after running out of cash, according to a LinkedIn post by founder and CEO Jason Brown. - The company, which helped consumers manage and pay off credit card debt, was unable to secure the necessary funding to continue operations. - Tally was last valued at $855 million and had 183 employees, according to PitchBook. - In April, Tally announced it would be sunsetting its consumer app and shifting to a B2B model, but never followed up with details on its launch partner. - Founded in 2015, Tally raised $172 million in funding, with notable investors including Andreessen Horowitz, Kleiner Perkins, and Sway Ventures. Source: [Techcrunch](https://techcrunch.com/2024/08/12/a16z-backed-fintech-tally-which-raised-172m-in-funding-is-shutting-down-after-running-out-of-cash/)