70% of Indian startups will run out of money in less than 3 months

[desiboys]

More than two-thirds of startups in India need to secure additional capital in the coming weeks to steer through the coronavirus pandemic, according to an industry report.

70% of startups in India, home to one of the world’s largest startup ecosystems, have less than three months of cash runway in the bank, and another 22% have enough to barely make it to the end of the year, according to a survey conducted by industry body Nasscom.

Only 8% of startups that participated in Nasscom’s survey said they had enough money to survive for more than nine months. 90% of startups said they were facing a decline in revenues, while 30 to 40% said they were temporarily halting their operations or were in the process of closing down.

[Pitta]

[snoww]

Layoffs started already heavily. Tough time for IT folks.