The survey additional revealed that 30 to 40 % of the startups had halted their operations both quickly or completely. Even among the many ones which might be operational, greater than half are reportedly seeking to spend money on new enterprise alternatives. Interestingly, the pandemic has negatively affected the companies of corporations each in rural and concrete areas. As per the survey, practically 63 % of startups in metro cities are going through over 40 % decline in income.
The survey was performed with over 250 startups in India. According to Nasscom, these corporations have various profiles. They embody numerous mid-age startups alongside mature and early-stage startups. According to Nasscom President, Debjani Ghosh, “Out of the blue, this flourishing growth saga has suddenly been hit by the COVID roadblock. There is no country, business or living being that has not been affected by the COVID pandemic”.
Thankfully, there nonetheless appears to be a silver lining to the prevailing doom and gloom within the financial system. According to the report, 14 % of edutech, fintech and healthtech startups are nonetheless anticipated to develop this yr regardless of the setback. Business-to-business (B2B) startups are additionally anticipated to fare comparatively higher, with income reductions of ‘only’ as much as 40 %.