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Thursday, January 20, 2022

Startup Street: A Glimpse Into How Covid-19 Hit Fintech Funding

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We are sure that by now everyone knows how much the coronavirus has affected economies all over the world. Almost all businesses are shut down amid the lockdown, and this has resulted in a rapid drop in revenue and investments across all fields and industries.

Due to the lack of any sort of income and investment for companies and projects, a lot of upcoming ventures and launches have been put on hold for an indefinite period. This is partly due to the lockdown as where offices are shut down but the major reason for this is the lack of funds.

This period of uncertainty has made a lot of investors and money lenders step back and question where they are investing their money. If anything this pandemic has taught us, it’s the fact that we need to take a step back from all the chaos going around in the world right now and focus on things that really matter.

It has made us realize that the basic essential and necessities in life like food and healthcare are the most important of all. It has also made us rethink a lot of our actions and the impact they are having on our environment. The reduced levels of pollution, improved quality of air and vegetation are a few signs that have shown us how taking small steps can make radical changes to the environment.

But in the meantime, the situation also calls for a lot of innovative steps and initiatives that can help a lot of people in need. Luckily for us during this time a lot of startups have come forward with a lot of groundbreaking and necessary ideas and concepts that can help a lot of people in need in this time of emergency.

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While on one hand, we are seeing a lot of important sectors like real estate and retail shopping come to a standstill, we also see new startups mushrooming across every field. A lot of tech and research startups are coming forward with a lot of interesting ideas and products that are highly needed right now.

Today we are to discuss with you five types of startups that have been on the rise during this period of coronavirus. These are among the top innovative ideas that are on the rise and are coming to the aid of people at this time and help us make our life as comfortable and risk-free as possible.

1. Startups Related To #HEALTHCARE

The first and foremost thing that we need to fight this deadly virus right now is proper healthcare measures. We need fast technological advancements to easily detect and defeat the virus.

Thankfully currently there are more than 5000 startups in India that are leveraging groundbreaking technologies to find a solution to contain the virus. A lot of these startups are sharing with the respective governments their innovations and discoveries to combat the spread of coronavirus.

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From manufacturing ventilators and PPE kits like masks, gloves and bodysuits for the frontline warriors to coming up with connectors and other important ICU equipment, the newly started healthcare startups have done it all.

And not to forget the startups that are actively working on finding a vaccine or medicine to cure COVID-19. Now we can safely say that despite the financial crisis going on all over the world, the healthcare startups in India are booming and flourishing every day.

2. Startups Related to #MOBILITY

After healthcare, this is another really important aspect that needed special attention. With all modes of public transport being shut down and strict rules being implemented by the government to stop people from coming out of their homes this posed a major problem for a lot of frontline warriors as well as people stuck in different cities or states.

But now thanks to a lot of upcoming mobility and logistic startups this problem is solved. Startup services like eBikeGo, Yulu, Zoomcar have come up with smart initiatives that have provided a perfect alternative for people that must step out of their home in this time of need.

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These services are just not limited to transporting people but also essential goods like food grains, medicines across the country. Helping in the logistics of these important commodities has also been a great help to the government of different states as well as the center.

3. Startups Related To #LEARNING

As schools, colleges, and all kinds of educational institutes are shut for more than 100 days now, this has severely affected the studies of almost millions of students at once. We needed a quick and affordable solution for this.

And once again thanks to the startup apps in India this problem has been easily solved. Despite schools and colleges being shut down now, teachers can connect with their students through educational apps like Bygu’s, Unacademy, and Vedantu.

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Such apps provide an easy interface for students and teachers to connect and learn together without anyone leaving their home. Now only can they interact but also access other features like giving and submitting assignments and homework and taking tests to track their knowledge. All this is possible thanks to the effort of tech startups that have successfully managed to provide a medium for students and teachers to connect and save their precious time while being at home.

4. Startups Related To #SHOPPING

E-commerce has been something that has been on the rise in India for a while now but this pandemic took that to a whole new level right now. Earlier most people had some items that they shopped online and some that they liked to purchase in person.

Right now almost all kinds of shops and stores are closed away except for general stores or pharmacies so this leaves us with very limited options. This means that we are left with no choice but to buy goods from online stores and sellers like Amazon, Flipkart, and BigBasket.

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With many options like express deliveries and contact-less deliveries, these are a safe option rather than physically visiting stores and being exposed to a threat of possible exposure to the virus. But thanks to these startup’s new and innovative ideas there is now a safe option to buy all kinds of necessities online.

5. Startups related To #CONNECTIVITY

One thing that we can’t afford during this time is public gatherings. It’s a huge health risk associated with a large number of people gathering at a place. But some services can’t be put on hold just because offices are shut down. This has given rise to the ‘Work from Home’ initiative.

A lot of companies and offices are allowing their employees to work without going to the office. This, however, needs a medium that the employer and employees can interact and keep in touch on their current and long term goals. The solution for this is provided by startup apps like GSuite, GoToMeeting, Webx, among many others.

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This helps everyone stay on the same page. Apps like these are also great for families and friends to stay connected as everyone is connected as we can’t physically meet people yet. These startups are now doing a great job of helping everyone stay connected.

So while the economy is shut down and all the businesses in the country are not operating, this doesn’t have to mean that the startups have to suffer too. And that is now proved by all the new startups that are rising in India.

This has yet again proved that necessity is the mother of invention. These desperate times have called for desperate measures, and right now, at these times, the upcoming startups have delivered what all products or services are needed in such times.

We can see this from all the government and private funding these startups are getting at the time. And especially now, after the Jio Platforms acquiring huge investments from all over the world, this has served as a step to open the whole world of opportunities for investors all over the world.

We wouldn’t be shocked if, in the coming future, India becomes the global hub for all kinds of startups.

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