Report Says Around 75pc Indian Startups Are Getting Back To The Pre-COVID Levels
The latest report reveals that the Indian startups are now getting back to the pre-COVID levels.
The report stated, about 75% of startups are gradually, but steadily recovering post the lockdown. And, around 30% of startups have pivoted to newer markets for alternative revenue streams.
Also, over 55% of startups are focusing on profitability and reducing cash burn.
The improving situation of Indian startups is backed by various factors such as their resilience, technology, ecosystem’s support, and innovation.
Released by TiE Delhi-NCR in partnership with Zinnov, the report titled ‘COVID-19 and the Antifragility of Indian Startup Ecosystem’ stated that as the economy reopened, with a shift in digital consumption- both in demand and in investor sentiment- the recovery has been faster than expected.
Talking about the situation of the Indian startups, Rajan Anandan, President, TiE Delhi-NCR, said,
“Digitally-led segments have recovered much faster than anyone expected, and in many spaces, demand is well ahead of pre-COVID levels. Investor sentiment has also recovered quickly, and we expect the Indian unicorn club to steadily expand through 2020 and 2021. Although COVID-19 has been a major setback for the ecosystem, we believe that the changes that the pandemic has brought on will make our ecosystem much stronger, across every dimension. India is on a path to have 100 unicorns by 2025.”
On the improving situation, the report pointed out that the Indian startup ecosystem is expected to have 7-7.5 lakh direct jobs and 26-28 lakh indirect jobs by the end of 2020.