Samik Sarkar was managing to eke a profit out of his online apparel store before the coronavirus crisis hit India, forcing the 36-year old to reinvent his business overnight.
An employee wearing a protective mask and gloves works on his laptop next to apparel bundles that are ready for dispatching, inside Rustorange's workshop, during a nationwide lockdow to slow the spreading of the coronavirus disease in Noida, India May 8, 2020. Picture taken May 8, 2020. REUTERS/Adnan AbidiThe rapid global economic slowdown, India’s coronavirus lockdown of 1.
A group of the top venture firms, including U.S. groups Sequoia and Accel, warned start-ups this month that it will be “very difficult” to raise financing anytime soon. Data from Tracxn, which monitors start-up investments and financials, shows there were 1,406 funded start-ups in India in 2019, compared with 351 in 2008.
This leaves investors and start-ups with few alternatives but to focus on pursuing profitability and reducing cash burn, Sid Talwar, partner at Mumbai-based Lightbox Ventures, said. Cure.fit, a Bengaluru-based fitness firm which had to shut its gyms and health clinics around India, slashed salaries and laid off about 800 people in recent weeks.
Others such as meal delivery firm Swiggy and hotel operators Oyo and Treebo have shed employees, cut salaries, and put workers on furlough, sources at the companies told Reuters.Apparel retailer Sarkar said he expected his online store, Rustorange, to see a 50% slump in demand from pre-virus levels even after the lockdown is lifted.
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