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 ...
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.related media assets available. Click to see the gallery.BENGALURU: 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.
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.Five venture capitalists told Reuters that only a few of the best companies from their existing portfolios would be able to get further funding, while most new ventures will likely be locked out for the foreseeable future.
"When you look at pre-COVID business models, half of them will not survive post-COVID," Sudhir Sethi, founder and chairman of Bengaluru-based venture capital firm Chiratae Ventures, said. And with SoftBank, another major funder of Indian start-ups, facing setbacks elsewhere there is little relief expected from the Japanese technology backer.
"We had big expansion plans just before this hit," said Sujata Biswas, who co-founded Mumbai-based online clothing brand Suta with her sister Taniya.Suta, which saw sales triple for three years before India's lockdown stopped all business, would be unable to stay afloat beyond a month and a half without a cash infusion, Biswas said.
BookMyShow, an online ticket seller, is promoting free-to-watch Instagram Live performances in an effort to keep its users engaged, while restaurant aggregator and food delivery firm Zomato is targeting a push into alcohol delivery.
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