The Morpheus is closing its operations after six years of being in the accelerator business. The Morpheus is the first private startup accelerator established in India, according to The Economic Times.

The Chandigarh firm has incubated around 82 startups in the country. Among its successful startups are CommonFloor, Practo, and IlMjobs. Right now, The Morpheus is facing strong competition from new players who have overtaken the company in the Indian accelerator industry, the report detailed.

Co-founder Sameer Guglani said: "We are stopping the accelerator program. We will be shutting down the website this week and will be closing the tap for more applications... We will focus on startups in the 2-5 year period but in a different model, which we are yet to conceive."

According to Guglani, he expects the firm to be relaunched within the next couple of months, the report added.

Out of the 82 startups that The Morpheus has incubated, five have exited via acquisition. Around 25 of them have already shut down, The Economic Times reported.