Of layoffs, pay cuts, pivots, hires, and more

A Nasscom survey, conducted to study the impact of COVID-19 on Indian startups, found that around 40 pc of startups have either temporarily shut down or are on the verge of closing.

Monday May 25, 2020 , 3 min Read

Last week was intense. After over six weeks of lockdown, a few cities opened up — some in a phased manner. Then, several companies across sectors announced layoffs while some announced that they were hiring.

It's been almost two months since Prime Minister Narendra Modi announced the nationwide lockdown, and it has been a difficult time for the Indian startup ecosystem. A Nasscom survey, conducted to study the impact of COVID-19 on Indian startups, found that around 40 pc of startups have either temporarily shut down or are on the verge of closing.

And yet, it’s not all gloom and doom in the startup world – at least for a nimble few. Indeed, a growing number of startups are pivoting to seize new opportunities, transforming their business models and offerings to navigate the current crisis. In YourStory’s new Pivot and Persist series, we aim to spotlight these Indian startups.

Stay home and stay safe!

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Quote of the day:

"Just the way security protocols around flying changed fundamentally post 9/11 – we foresee an even more sweeping impact across the travel and hospitality value chain as a result of COVID-19."