Tiny Owl stopped service in all cities except for Mumbai ; Is the bubble bursting for India’s online start-ups?

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Users of TinyOwl’s smartphone app started seeing a notification last week that service will be discontinued after May 22.  the notification is visible everywhere except for some areas of Mumbai, where TinyOwl is headquartered. The startup was previously available in eleven large Indian cities.TinyOwl, a India-based restaurant delivery service that has raised more than $27 million from investors including Sequoia Capital and Matrix Partners

Yet despite the billions of dollars invested in recent years, most of India’ss online startups are yet to turn profits and investments are largely based on speculative future earnings. last  year experts have predicted startup bubble same as the of echoes of the dot-com boom which crashed spectacularly in 2000. So Is the bubble bursting for India’ss online start-ups?