COVID-19 and its repercussions across the globe have proved to be real fatal in terms of life loss and economy plunging to the rock bottom. With crude oil value considered as the hallmark of economic progress of the world, world-economy is facing major issues.
Small startups across India have succumbed to this crisis and have run out of funds to smoothly run their businesses. About 38% of startups and small and medium enterprises have run dry, from 27% in April, a survey by community platform LocalCircles showed. Around 4% of startups have already reported that they have shut down.
The number of businesses with 3-6 months of cash runway has come down to 16% currently from 23% one week into the lockdown in April, as per the survey.