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Last updated: 28 Mar, 2023  

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IANS | 28 Mar, 2023

Indian startups are facing challenging times. For quite some time now, the sector has been facing funding crunch, and only recently, the fall of the 16th largest US bank -Silicon Valley Bank- threatened to intensify the heat further, but fortunately prompt action by the Indian government helped our startups avoid the brunt of the crisis. However, latest data shows that tough global environment has continued to hit Indian startups which seem be in a firing spree.

According to a report in Inc42, at least 82 startups in India have laid off more than 23,000 employees and the list is still growing. It adds that 19 edtech startups, which include four unicorns, laid off more than 8,000 employees, with several leading names, such as BYJU'S, Vedantu, upGrad and Unacademy in this list. Startup firms from other sectors, such as Ola, OYO, Meesho, Dukaan, Innovaccer, etc. also sacked hundreds of employees in recent months. These statistics are disturbing.

Meanwhile, a research report by global financial services firm Credit Suisse pointed out that the pessimism currently engulfing the Indian startup ecosystem is ‘overdone’ just like the ‘earlier optimism’. It adds that the current slowdown in funding is ‘a pause for breath’ and not ‘a complete halt of funding’. This sounds encouraging. I strongly believe that the Indian startup sector, which has produced several unicorns in the last few years, will bounce back soon.

According to official data, the number of recognised startups in the country increased from 442 in 2016 to 92,683 in 2023 (as on 28th February 2023). Today, we have more than 100 unicorns and out of them more than 40 were born in 2021 only. This statistics show the commitment of the entrepreneurial youth of New India, and it seems the ongoing crisis the sector is facing is just temporary.

I invite your opinions.

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