India has emerged as one of the top startup hubs in the world. Over 50 Indian startups have achieved unicorn status in the last one year. Apart from the support from the government, these startups are also getting a lot of support from PE firms and other investors. However, first the Corona pandemic and then the increasing geopolitical tensions in the market volatility has negatively affected the growth of many startups. In this article, we are telling you about 7 such big startups, which have reported losses in their business during this turmoil.
Oyo is now a multinational brand. However, the corona epidemic has taken a toll on the financial health of this startup. Ritesh Agarwal-led Oyo Rooms reported a loss of Rs 3943.84 crore in FY21. This means that the company incurred a loss of more than Rs 76,077 per minute during the last financial year.
As an online food delivery startup, Swiggy has made a mark in the Indian market. However, it is still running at a loss. Swiggy suffered a loss of Rs 1,314 crore in the last financial year. This means the company suffered a loss of over Rs 25,347 per minute during this period.
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This Gurugram-headquartered payment service startup reported a net loss of Rs 111.3 crore in FY21. This means that the startup lost Rs 2,147 per minute during this financial year.
This Noida-headquartered multinational technology company was started in the year 2010 by Vijay Shekhar Sharma. The firm, which focuses on digital payments, e-commerce and financial services, reported a loss of Rs 778.5 crore in the December quarter. This means that the company lost more than Rs 60,069 per minute during this period.
PB Fintech, parent company of online insurance platform PolicyBazaar and loan comparison platform Paisabazaar, reported Rs 298 crore in the December quarter. Accordingly, the company suffered a loss of Rs 22,995 per minute in the December quarter.
Online food delivery company Zomato reported a loss of Rs 63.2 crore in the previous quarter. In this way, in the last quarter, this company recorded a loss of Rs 4,876 per minute.
Car Trade is an online auto classifieds platform with Navi Mumbai headquarter, which is used by millions of people to buy and sell used and new vehicles. The company reported a loss of Rs 23.4 crore in the previous quarter, which means the company incurred a loss of Rs 1,802 per minute during the period.