Whether it's a developed country or a developing country, each nation is suffering from a major economic crash down. From giant businesses to mediocre organisation, the novel coronavirus has spare none. However, the type of businesses that are suffering and are bound to suffer, even more, are definitely startups. We are all aware of the atrocities of COVID-19, be it anywhere in the world.
Let's explore the region of South Asia. In India alone, there are around 38 per cent startups which are most likely in danger. The prompt disruptions caused by COVID-19 has led to the downfall of many startups, due to revenue generation. As much as 92% of businesses across a variety of sectors in India have reported lower revenues. In this regard, businesses in their early or middle stages have been affected the most, that is, SMEs.
We can pretty much determine the sectors which have suffered the most. On the top, startups and businesses in the travel and tourism industry have been hit the most. Whereas, the sub-sectors of technology such as ed-tech sectors have been able to cope with the sudden side-effects. There has been an opportunity in the technology sectors due to the growth of 'work from home' methods and online education, as a response to COVID-19.
Also See: Startups Under the COVID-19 Influence #Infographic
The statistics below will make it clearer to understand the percentage of Indian SMEs and the ways in which they have suffered.
Infographic by: Statista