Indian 38% of Startups Badly Impacted By Corona Pandemic

Indian 38% of Startups Badly Impacted By Corona Pandemic

All industries, small and large, have been badly affected by the lockdown implemented to prevent the infection of the coronavirus. This lockdown has also had an impact on startups trying to make daily life soothing by providing new services. The hour of economic crisis is upon him. The best market for startups India now has an existential crisis in front of many startups. A recent survey has revealed that 38 percent of the country’s startups have no money left. At the same time, 30 percent of the startups have money left for the next 1 to 3 months. These startups have faced a tough financial crisis due to the lockdown.

This survey has been done by the organization of LocalSircles. The organization has conducted a survey to know the consequences of the corona epidemic and the lockdown implemented for its prevention. According to the Maharashtra Times, a total of 28 thousand people were asked questions in this survey. Of these, 8400 entrepreneurs were from the SME startups sector. In this survey, 16 percent of the respondents said that they have money left for the next 3 to 6 months. Another 12 percent said that they had money left for the next 1 month only.

The report of this survey says that 4 percent of startups have closed their business due to lockdown. In the last 2 months, the earnings of most industries have come down by 80 to 90 percent. Because of this, it has become difficult for these industries to maintain their existence in the market.

The central government implemented a nationwide lockdown from March 25 to prevent corona. Due to the strict lockdown being implemented for more than 80 days, the closure of the entire market has led to a strong decline in demand for goods. Due to which large industries, as well as startups including micro, small and medium industries, have suffered.

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