2023's 15 Startup Shutdowns: Learning from India's Business Challenges
Arunkumar K.
CTO @ Sennovate | Pioneering AI Cybersecurity Solutions | Former CISO in Web3 & Crypto | Experienced with Bolstering defences for State & National Governments
Welcome to "Swadesi Startups Speaks," your window into the vibrant and dynamic world of Indian entrepreneurship. From groundbreaking initiatives to the latest in tech and innovation, we bring you stories of startups that are redefining the Indian business landscape. Join us as we explore how these trailblazers are making an impact both locally and globally, shaping the future of India's economy.
The 'Build for Bharat' initiative launched by the Open Network for Digital Commerce (ONDC) in collaboration with Google Cloud India, Antler in India, Paytm, Protean, and Startup India. The initiative aims to address various challenges in digital commerce and promote innovation in the industry. It will involve the participation of over 200,000 startups, companies, and colleges across India. The event took place on December 4, unveiling the problem statements for participants and extending an invitation for registration. The initiative offers three outcomes: 'NextGen Ventures' for venture creation, scalable solutions to solve network participants' friction points, and foundation solutions for college students. Winners will receive opportunities, mentorship, equity-free grants, and cloud credits from Antler, Google Cloud India, and ONDC.
Indian Angel Network (IAN) has closed its second fund at INR 355 Cr ($42.5 Mn) to invest in early-stage startups across various sectors. The fund has already invested INR 900 Cr in 250 startups with an overall valuation of $9 Bn.
Wipro Consumer Care-Ventures has launched its second startup fund with a corpus of Rs 250 crore, focusing on investing in consumer startups in India and Southeast Asia. The fund will prioritize e-commerce driven companies at Pre-Series A onwards and aim for minority stakes (up to 25%). The fund has a proven track record, with a multiple on invested capital of over 2.2x and an internal rate of return above market benchmarks. The fund plans to make a few more investments and follow-ons, with a focus on stability, scalability, and profitability in the current investing climate.
The IN-SPACe Seed Fund Scheme is offering financial assistance of up to ?1 crore to Indian space startups to develop innovative space products and services. The scheme is open for application until December 20, 2023. The selected startups will receive mentorship support, access to ISRO facilities, and data algorithm transfer from the Department of Space. The scheme aims to enhance the space activity capabilities of the nation and improve the quality of life for people and communities in India and globally. The scheme is open for startups working in domains such as urban planning, disaster management, and more.
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The AIT India program, a collaborative initiative between Switzerland and India that provides training and networking opportunities for entrepreneurs. The program is designed to help researchers from Swiss universities explore the potential of their innovations in the Indian market. The article highlights the program's success, with 10 researchers selected to participate and 16 Swiss and Indian entrepreneurs advancing their research with international support. The program also includes company visits, interactive sessions, and networking events to facilitate collaboration and market discovery.
15 Indian startups have shut down in 2023, with reasons including a funding winter and a focus on growth at all costs. These startups include Bluepad, Fantok, Quizy, Belora, Dux Education, Connected H, Fipola, Friyey, Anar, FrontRow, Slash, Pillow, Tiki, Vahvah, Wetrade, and PenCirlce. The funding slowdown has made it challenging for homegrown startups that operate on thin margins and are over-reliant on external funding.
According to Union Minister Jitendra Singh, India's bioeconomy is expected to reach $300 billion by 2030, with a double-digit growth rate in the last nine to ten years. The country has made significant strides in biotechnology, with over 6,000 startups and a vast biodiversity. Biotechnology is emerging as a preferred career option for youth, and the sector is expected to drive India's economy in the future.
Algorand Foundation has awarded $10,000 to LW3 from Assam as the winner of its Creating Impact! Pitch Competition for transformative blockchain-based solutions. The competition aimed to provide digital and secure provenance to end consumers. Algorand has also announced partnerships with T-Hub and TiE Bangalore to further bolster the Web3 ecosystem in India. The partnerships will provide crucial support to 20 Web3 startups and offer training content for Web3 developers. The competition received an overwhelming response from the Indian blockchain community, with over 175 projects submitted.
Prashanth Prakash's prediction that generative AI, climate tech, and fintech will be the hot areas for investors and startups in the next year. He suggests that Indian startups can create infrastructure to support the deployment of generative AI and build applications on top of it. Additionally, the article highlights the opportunities in climate technology, sustainable manufacturing, and fintech, with a focus on India's potential to emerge as a leader in these areas.
Thank you for tuning into "Swadesi Startups Speaks." We hope these stories of innovation, perseverance, and success have inspired you and given you insights into the exciting world of Indian startups. Join us again as we continue to explore more remarkable journeys and transformative ideas emerging from India's entrepreneurial landscape. Stay curious, stay inspired!