17% of startups in India have shut down operations: FICCI

COVID-19 has adversely affected 70% of startups in India, said a survey conducted by FICCI and Indian Angel Network.  Around 17% of startups had closed shops. The survey revealed that over 60% of startups have witnessed disruptions in business. Lack of working capital, cash flows could lead to layoffs in the next three-six months. 68% are cutting operational costs, 22%’s cash reserves can up to three-six months and 30% would lay off employees.

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