WThe current scenario of the global market is pushing newcomers to have their own business. Most of the companies are failing to hire new candidates so that newcomers are willing to start their own business. As a result, the number of Startup Story In India is increasing regularly here. Though this number is increasing but the current scenario of the startup field in India is not in a good position. According to a survey that was taken by Nasscom, due to Covid-19, almost 90% of startup industries are trying to decline the revenues as well as they are trying to halt the operation temporarily or permanently.

What about the consumer space?

Not only the startup sectors, the early as well as the mid-stage business also the business that mainly focuses on the consumer space, 60% of those companies are also trying to close their business. Due to the 2 month lockdown, most of the companies are facing a big loss and as a result, they are shutting down. 

The Survey

An international survey company has conducted a two-month-long survey, where they have taken around 250 startups and almost all of them said that they are getting a huge loss during the whole lockdown period. So, 40% of them have halted their business and the other 70% of them have been reducing their costs for the last 3 months.

According to the words of a researcher, Startup news in India is not in the desired situation. The growth of these sectors are reducing day by day and they are also losing support from the key stakeholders of the company. Though the government is providing some helpfulness to them by providing some funding support or fiscal policy, still, the business revenue is becoming too low for them.

Condition of Travel tourism sector

According to the same survey, over 70% of startups that are performing their business in the travel and tourism sector, over 40% to 50% of logistic businesses are also facing the same issue. As during this situation, most of the people are not traveling at this stage, the business of travel and tourism sectors are also getting decreased. 

Different Situation

There are also some different scenario in the same startup fields are being seen. Almost 14% of Ed-tech sectors are reporting an increase in revenue in their business field. The sectors that are performing the B2B performance are also getting less revenue drops. Which is a different scenario for these business fields?

Also, those startups who are performing their business in the technological business, in 54% cases, the rate of getting the revenue is increasing day by day. 

Also, the startups working with the health care and ed-tech sector are growing their business even in this bad situation. Most of the revenues are being generated in the blockchain, Internet of things, artificial intelligence, and much more, which is great Startup news for Indian youngsters.

So, most of the newcomers who have started their business are trying to start it up in the technological field mostly instead of others.