Over 50% Tech-startups reach Pre-COVID Level Revenue in Six Months: NASSCOM
November 26, 2020
Indian tech startups are gradually moving ahead to the road of recovery. As per the second Startup Pulse Survey by released by Nasscom on Wednesday, more than 53% of the technology startups in the country are expecting to attain pre-COVID level revenue in less than six months.
Sectors such as Ed-tech, health-tech, software-as-a-service and small businesses have continued to attract investment during lockdown, as COVID-19 has opened new doors of opportunities for these segments.
Commenting on the survey’s results Debjani Ghosh, president of Nasscom said that, “The Indian start-up ecosystem has set a global benchmark in remaining resilient during this disruptive year”.
The research also showed that there has been a surge in interest from venture capital and funding agencies to invest in early-stage startups. Nasscom also said that various government initiatives such as Aatmanirbhar Bharat, digitization of India and a greater emphasis on sustainable business models is attracting Venture Capital interest for Indian tech start-ups.
The recovery was also visible on the employment side as the hiring freeze dropped by 20% among respondents. Skills such as AI, product and data management remained in demand across the tech startups. Around 60–70% of the tech startups are witnessed to be expanding to new verticals, establishing new partnerships and enhancing existing solutions to be able to cater to the any future uncertainty and to stay relevant in the future market.