• About Us
  • Add Post
  • Contact
  • Contribute For Us
  • Homepage
  • Our Authors
  • Privacy Policy
What's Hot

EU imports extra US LNG than Russia’s fuel, first time in historical past — IEA

July 2, 2022

Euro 2022 seems to interrupt industrial information after banner 12 months for ladies’s recreation

July 2, 2022

Hispanic Republicans Have Democrats Seeing Red in Texas

July 2, 2022
What's Hot

EU imports extra US LNG than Russia’s fuel, first time in historical past — IEA

July 2, 2022

Euro 2022 seems to interrupt industrial information after banner 12 months for ladies’s recreation

July 2, 2022

Hispanic Republicans Have Democrats Seeing Red in Texas

July 2, 2022
Facebook Twitter Instagram
  • About Us
  • Contact
  • Add Post
  • Contribute For Us
  • Privacy Policy
  • Our Authors
Facebook Twitter LinkedIn
BusinessLendBusinessLend
  • NEWS
  • BUSINESS
  • AUTO
  • TECH
  • MONEY
  • STARTUP
  • SUCCESS STORIES
  • OTHER
    • Press Release
    • OPINION
Subscribe
BusinessLendBusinessLend
Home»BUSINESS»Corona Impact – Startups and SMEs Want To Close Businesses
BUSINESS

Corona Impact – Startups and SMEs Want To Close Businesses

EditorialBy EditorialJune 15, 2020Updated:July 7, 2020No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Corona Impact - Startups and SMEs Want to Close Businesses
Share
Facebook Twitter LinkedIn Pinterest Email

Startups and small and medium enterprises (SMEs) have cut marketing expenses, manpower, and operating costs in the last three months due to coronavirus. Despite this, 14 percent of startups and SMEs are considering shutting down their businesses altogether. This has been revealed in an online survey by the community social media network LocalSircles.

35 percent expected growth in business

LocalSircles has done this online survey on 28,000 startups, SMEs, and entrepreneurs in the country. 16 percent of startups and SMEs are not sure about the future. He has only cash left to run the business for three to 6 months. However, 35 percent of the startups and SMEs surveyed are expecting growth in their business.

80 percent cut fix cost

The survey by LocalSircles stated that 80 percent of startups and SMEs have cut their fixed costs. Startups have made this cut to keep the business running and to do business on a low budget. According to the survey, travel and mobility-related start-ups have been more affected due to the nationwide lockdown and restrictions on movement from one state to another. Over the past two months, several startups have fired employees, including MakeMyTrip, Udaan, Swiggy, Zomato, Lendingkart, Ola, Curefit, WeWork India, Sharechat, and Uber India.

Higher Income Tax To Be Paid Even During Work From Home in Corona Crisis

38 percent of the funds have ended

Twelve percent of the firms surveyed said that they now have only one month left to run the business. At the same time, 38 percent say that their fund is already exhausted. Four percent of firms said they had already closed their business due to declining revenue in the lockdown. The revenues of many SMEs and startups have fallen by 80–90 percent in the last two months. In such a situation, it is becoming very difficult for them to run the business.

No success in raising funds

According to Sarva, many startups and SMEs have made considerable efforts in the past few months to raise funds, but have not been successful. The reason for this is that investors are no longer much interested in investing in startups and SMEs. Apart from this, a liquidity problem has arisen with many investors.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Editorial
  • Facebook
  • Twitter

Related Posts

How to Start a Mobile Pizza Business?

June 30, 2022

The first iPhone went on sale 15 years in the past: Here’s how folks reacted

June 28, 2022

7 Feature-rich Apps for Creating Digital Business Cards

June 28, 2022

How The Pandemic Is Impacting Sustainable Sourcing?

June 28, 2022

How the fast-paced magnificence trade left a tortoise like Revlon trailing

June 27, 2022

China’s crackdown on the enjoyable trade continues

June 27, 2022
Add A Comment

Comments are closed.

Advertisement
Editors Picks

Most Wanted Mehul Choksi of Rs 13500 Crore Now Trouble For Antigua Also, Know What The PM Said There

May 26, 2021

The stock market also saw a rise for the third day, Nifty crossed 15,850 for the first time, there was heavy buying in the banking sector

June 15, 2021

Outrage over complex rules of hallmarking, jewelers will go on nationwide strike on 23

August 20, 2021

Big news for users of payment card and wallet, now you can withdraw cash up to 10,000 rupees every month

May 20, 2021
Advertisement
Latest Posts

EU imports extra US LNG than Russia’s fuel, first time in historical past — IEA

July 2, 2022

Euro 2022 seems to interrupt industrial information after banner 12 months for ladies’s recreation

July 2, 2022

Hispanic Republicans Have Democrats Seeing Red in Texas

July 2, 2022

Business Lend is a platform which brings executives officers, entrepreneurs, and venture capitalist together from different sectors. We keep on connecting with our users with the help of our monthly edition carving our way slowly towards the highest readership.

Facebook Twitter Instagram LinkedIn
Must Read
  • EU imports extra US LNG than Russia’s fuel, first time in historical past — IEA July 2, 2022
  • Euro 2022 seems to interrupt industrial information after banner 12 months for ladies’s recreation July 2, 2022
  • Hispanic Republicans Have Democrats Seeing Red in Texas July 2, 2022

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

© 2022 BusinessLend. Designed by ThemeSphere.
  • About Us
  • Contact
  • Add Post
  • Contribute For Us
  • Privacy Policy
  • Our Authors

Type above and press Enter to search. Press Esc to cancel.