Startups try to remain afloat

Startups strive to stay afloat

Vijay C Roy

Tribune Information Service

Chandigarh, Could 22

Startups within the area are resorting to all choices — layoffs, pay cuts, discount in advertising spend and deal with sustainability — to remain afloat amid the Covid pandemic. The companies, particularly in journey and retail sector, are the worst hit with uncertainty looming giant.

In keeping with a Nasscom report, round 40% of India-tech startups are anticipated to close down due to the Covid pandemic and North area isn’t any exception. The report additional mentioned one other 70% would face a critical monetary crunch.

The northern area comprising Haryana, Chandigarh, Punjab and Himachal Pradesh has round 1,000 startups registered with Startup India. Out of this, 700 are in Haryana and primarily concentrated in Gurugram.

In keeping with the business, the startups are dealing with delayed funds, scarcity of funding and disruption in enterprise operations amid the pandemic. Additionally, a few of them are witnessing challenges in increasing their operations. Since a majority of them are within the MSME class, they’re discovering it troublesome to maintain.

In keeping with Ratish Pandey, Enterprise Coach at Ethique Advisory, the startups throughout the nation are dealing with challenges to maintain themselves. Sarvjeet Singh Virk, founder, Finvasia, mentioned the disruption attributable to the Covid has led to startups realigning their enterprise fashions and deal with sustainability.

In keeping with the business, younger startups want steering and mentoring in these difficult occasions in order that they will construct their enterprise in the proper approach and have entry to simple finance at low charge of curiosity.

Extending a serving to hand to early-stage startups, notably in these occasions, Chandigarh Angels Community, in partnership with “Startup Punjab” has launched ‘iCAN Accelerator Programme’.

It’s a six-week digital startup acceleration programme designed to handhold them into the subsequent part of their particular person journey by means of devoted classes and mentorship. It has obtained plenty of purposes from over 17 states and UTs. Over 30% purposes are from Punjab.

Speaking in regards to the acceleration programme, Rajat Aggarwal, State Startup Nodal Officer, Punjab, and CEO, Make investments Punjab, mentioned, “The programme is free for the startups. We imagine such platforms are very helpful for upcoming entrepreneurs who wish to take their startups to the subsequent stage.”

The business is of the view that in these occasions, the rising sectors are Edtech, well being and wellness and cyber safety.

The startups have sought the Central authorities’s intervention to tide over the disaster. They’ve additionally demanded startup-specific authorities tenders and waiver of taxes for his or her survival.

Supply hyperlink

This site uses Akismet to reduce spam. Learn how your comment data is processed.