Evaluating only TerraByte Mining Analytics’s profile at its peak — without knowing the outcome — the model ranked Competition as the #1 likely cause. Documented cause: Product failure.
Key Events Timeline
FOUNDING
TerraByte Mining Analytics founded in Bangalore to digitize Indian iron ore and coal mine operations.
FUNDING
Raised ₹95 crore from Sequoia India and NMDC corporate VC; began SAP integration at Coal India.
PIVOT
Sequoia India cut follow-on; Sinha failed to close bridge round after 18-month integration delays.
SHUTDOWN
Laid off 48 employees and ceased all operations; platform never fully deployed.
Full Analysis
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Documented cause
TerraByte Mining Analytics raised ₹95 crore from Sequoia India and NMDC's corporate VC arm to build a real-time mine operations dashboard for Indian iron ore and coal mines. The platform required deep ERP integration with legacy SAP systems at SAIL and Coal India, which took 18 months longer than projected. Sequoia India's 2022 portfolio restructuring cut follow-on funding. Founder Arvind Sinha tried to raise a bridge round in June 2022 but failed to close. The company laid off 48 employees in August 2022 and ceased operations.
Lesson
“Never build enterprise mining SaaS whose timeline depends on legacy ERP migrations at state-owned companies.”