Financiers inform Indian startups to ‘get ready for the worst’ as Covid-19 uncertainty continues

by RJ Shara | Apr 1, 2020 | Fundings and Exit

Simply three months after capping what was the best year for Indian startups, having actually raised a record $14.5 billion in 2019, they are starting to have a hard time to raise new capital as prominent financiers urge them to “get ready for the worst” and cut costs. In an open letter to startup creators in India, ten global and […] Vivekananda Hallekere, co-founder and primary executive of mobility firm Bounce, stated he is prepared for a 90-day slowdown in the organisation. Creator of a Bangalore-based startup, which was in advanced stages to raise more than $100 million, stated financiers have called off the offer for now. Food delivery company Zomato, which raised$ 150 million in January, stated it would secure an extra$450 million by the end of the month. Travel and hotel booking service Ixigo stated it had cut the pay of its leading management group by 60 %and rest of the employees by up to 30%. …