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40 per cent Indian startups halt operations amid COVID-19: Nasscom
While 90 per cent tech startups in India are facing a decline in revenues due to the impact of COVID-19 pandemic, about 30-40 per cent have temporarily halted their operations or are in the process of closing down, a Nasscom survey warned on Tuesday.
By
migrator
migrator
New Delhi
About 34 per cent of start-ups are suffering revenue decline of over 80 per cent, showed the findings of the “Start-up Pulse Survey.”
While 70 per cent of travel and transport startups reported suffering 40 per cent revenue decline, 14 per cent of edtech, fintech and healthtech startups expect growth in revenue amid the COVID-19 crisis.
The month-long survey further revealed 70 pc start-ups have runway less than three months, with those in the business-to-customer segment significantly affected.
About 60 pc of B2C startups are facing business closure, as per the report. “However it is not all doom and gloom; over half of the start-ups are looking to pivot to new business opportunities, diversify into growth verticals like healthcare, and enhancing focus on emerging tech like AI, IoT, Cloud,” said Debjani Ghosh, President, Nasscom.
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