Nearly 6,000 have been let go so far in 2023. Worse, the number of startups that resorted to downsizing is up almost five times from the same period last year, when only eight startups had axed jobs.
Unacademy, PhysicsWallah, Vedantu, Eruditus, and upGrad cumulatively spent more than Rs 2,250 crore on ads and promotions, and Rs 5,465 crore on employees but with funding winter and slower growth these excesses are becoming a thing of the past.
For a segment that thrives on promise more than performance, the country s start-up ecosystem is refusing to get carried away by the funding this calendar year.
This has created the highest level of uninvested venture capital in seven years as investors wait for corrections in the working and - more importantly - valuation of start-ups while looking for cockroaches instead of unicorns. Investors are now keen to invest in companies that have good top and bottom lines.
The VC firm expects to deploy Rs 250-300 crores across our committed funds and between $10 and $15 million from family office syndicates, , Artha Ventures, Startups Funding