According to a new survey conducted by social media and community platform LocalCircles, 47% of startups and small and medium businesses (SMEs) who participated in a survey said that they have less than one month to no capital left to operate. The survey performed in the last week of March by the social community platform received over 13,970 responses from startups and SMEs located in over 90 districts of India. LocalCircles said that startups and SMEs have started to reach out to the Government via its platform and other industry associations asking for help and guidance in tackling the situation. Many venture capitalists and entrepreneurs over the last week have stated that the next six months will be critical for the Indian startup ecosystem and thousands of people will face layoffs. Further, startups have been looking at newer strategies to keep them afloat. While fintechs are starting to focus on kiranas in a big way, food delivery players like Swiggy and Zomato have pivoted towards grocery in order to cope with the loss.

(Live Mint)