As per Tracxn, funding activity in the startup ecosystem in India fell by nearly 29% to $4.2bn in the first six months of this year compared to $5.9bn in the same period last year, owing to the impact of the pandemic. Only 443 companies were funded in the January-June period this year against 725 in the corresponding period last year.
According to a survey published by industry body Nasscom in late May, 70% of startups in India have less than three months of cash runway. Another 22% have enough to barely make it to the end of the year. Merely 8% said that they had enough money to survive for more than nine months.
However, with the Reserve Bank of India (RBI) now granting priority sector lending (PSL) status to startups, these companies will perhaps have one less thing to worry about - swifter access to bank credit - or at least that's what the Central Bank envisages.
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