Even Covid couldn’t terminate startups from prospering in Gujrat
Covid crisis has led many companies to shut down due to lack of funding. But the startups in Gujrat are blooming owing credit to their ingenious ideas which are attracting investors.
Covid-19 has mercilessly slaughtered hundreds of businesses. Some are continuously grappling like a warrior with this crisis whereas others have let their guards down. Startups are pursuing funds for their growth. With investors promising ventures to these startups, there is no exception to Gujrat. It too received investment after the pandemic outbreak.
Ahmedabad based cloud kitchen startup Big Spoon Foods raised Rs 15 crore just after the lockdown and the fintech startup Lendingkart received Rs 319 crore in a Series-D round of funding. Kapil Mathrani the co-founder of Big Spoon Foods said that apart from marching into newer tier-II markets in some states, they would also be reckoning at modifying their processes and assimilating them via automation and technology inventions.
Startups flourished during the pandemic outbreak crediting the innovative ideas people came up with. The startups incubated at Cradle, the tech business incubator at EDII have excelled in terms of boosting capital even during the crisis of Covid-19. The major reason behind this success can be their trust in the potential of their business to sail through the toughest times and achieve success.
According to Sunil Parekh, a startup mentor, investor, and ecosystem evangelist, the first six weeks of the lockdown gave startups a tough time, the fear of downfall was equally lurking on the border as it was affecting other companies. Since most of the new startups were based on e-technology, they began looking for opportunities, inculcating new ideas to cope up with the competition to win investors and that was a game-changer.
The startups portrayed their ability to win over the crisis enriching the Business world with their innovative ideas, the investors rewarded such startups with their support and funds to help them to prosper.