50 percent of tech startups looking forward to “Revenue restoration” in 6 months

Indian tech startups were grappling with the torments of Covid-19. But Gradually the business world is healing with the wounds of the pandemic. The Nasscom’s Startup Pulse survey revealed that more than 50 percent of startups are anticipating the revenues to be restored within six months. With the boosting revenue and funding the cash availability of startups has enhanced. About 43 percent of tech startups have a runway for around six months.

Indian tech startups are backed up by various Government initiatives such as Atmanirbhar Bharat, digitalization and paying attention to sustainable business models.

According to Debjani Ghosh, President of Nasscom, the Indian startup ecosystem had created a great impact globally even during the time of economic crisis. Therefore, it became an example for many industries worldwide to follow and learn to tackle the problems of how Indian startups have metamorphosed challenges into innovation. A variety of tech startups, stress on innovation along with entrepreneurs’ enthusiasm have led the ecosystem into the path of growth.

Tech startups have increased their employment to 20 percent. There is a stipulation of jobs with digital skills like data, artificial intelligence, product management, and cloud architects. The report says that around 10,000 jobs were enumerated by tech startups over the ecosystem in April-September.

Nevertheless, the battle with Covid still exists and startups are embracing various short and long-term tactics to tackle its impact. Around 72 percent of tech startups are amplifying their product offering and funding deep-tech solutions that validate automation and analytics for their customers. Meanwhile, about 60- 70 percent are re-evaluating their business strategies by exploring creative verticals, forming an alliance, and improving their existing solutions.

There is no denying the fact that Covid-19 has changed the definition of the ‘new normal’. Similar is the case in the business world. The emphasis on deep-tech using AI and IoT- based solutions, strategic shifts among tech startups, and rapid diversification is regarded as the new normal.