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Startup funding plunged by 29% in first half of 2020 due to Coronavirus

Shortpedia

Content Team

The coronavirus outbreak has affected the Indian startup ecosystem badly, with the lockdown and closing of markets resulting in job cuts and losses. According to Tracxn's India-Tech Semi-Annual Fact Sheet, the startup funding fell by 29% from $5.9 billion in 2019 to $4.2 billion this year, making it the worst half in the last 3 years. In 2020, one of every three dollars went to Byju, Zomato and First Cry.