During the 70-day lockdown, a large number of startups struggled, and 15% of India’s 40,000 startups ultimately had to shut shop as a result of the pandemic. And, for many digital and digitally enabled startups, it’s been a year of remarkable growth.
While the pandemic continues to take a toll on India, it has also played a critical role in accelerating the rate of technology adoption by consumers and businesses. The number of students using edtech products in India, for example, has doubled this year. Telemedicine and digital health have also seen massive adoption as consumers embraced the concept of online consultations for the first time.
India’s Software as a Service (SaaS) sector will deepen, broaden and diversify in the next year. Today, SaaS startups has emerged.
Khatabook, which helps small businesses record financial transactions digitally and accept payments online, and
Pagarbook, a payroll and workforce management app that aims to digitize human capital management for SMEs are examples of a new category of SaaS companies.
India has become the world’s third-largest start-up hub with almost 29,000 start-ups recognised with the Department for Promotion of Industry and Internal Trade (DPIIT) as of February 29, 2020.
Global investors have poured money into Indian start-ups, encouraged by improvements in the ease of doing business and the regulatory framework.
The digital health care industry can prove to be very much profitable in the times to come.
Entrepreneurs can prioritize artificial intelligence health-care technology and streamline patient experience by helping them find the right healthcare, medical and insurance solutions.
Video Communications growing giant Zoom after being founded in 2011 has had a maximum number of subscribers since its inception during this pandemic situation.
In the scenario, many Start-ups have already engaged into the business of virtual education and digital study rooms, there is an estimate that more creative solutions in 2021 shall also appear.
A boom in grocery and food tech businesses is underway, as people within the crisis realized
how convenient and secure it is to order food and essentials on the devices where they have to keep themselves tilted to the lockdown rules.
A window of opportunity for Fintech including
the e-wallets, credit and finance apps online business advisory apps is also expected to hit the corner. Scaling business in the opportunity period itself, many new challenger fintech startups already captured the market with their credit facilities and schemes for people those stuck in their homes.The coronavirus imprints a question on the immunity and health status of people to fight against such pandemics, which is a good reason to expect a surge in oppourtinities and demand in health, and fitness section. Altogether, a gradual shift of population preference towards digital modes of food and fitness can be seen by 2021.
According to an agency report, the pandemic in the economy will have one of the three broad economic scenarios; a global slowdown, quick recovery or a pandemic driven recession, but Start-ups have to keep an eye on both the impact and the opportunities to excel.
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