One of the ex-employees of the brand HMT says the writing was on the wall since the mid-1990s when the company had shut down the R&D division. HMT made fresh efforts with design and marketing in the 90s, focusing on quartz watches, but it did little to turn their fortunes around. Gradually, their financial situation worsened. The downfall continued into the 2000s and the Government announced in 2014 that HMT Watches would be shut down. This order was finalised in early 2016.

Being watch lovers who believe that India needs its own timekeeper at a time when it's the time for India, HMT can always be reimagined back. And as venture designers we believe there are enough business reasons to do so.