Hyderabad: The coronavirus pandemic changed the way businesses functioned and startups and emerging businesses were impacted the most. Every startup in India was reinventing themselves by cutting costs and refocusing their business strategy to fit into the new normal. According to one of the top investors in India’s startup ecosystem, the Covid-19 pandemic had a good unintended consequence on companies by allowing them to rethink their business plans.
“Many companies are cutting costs not by cutting down on employees but by refocusing on certain businesses and certain geographies. Some are rethinking their expansion plans and are looking to penetrate further into the Indian market. While some companies are looking at digital platforms with a new lens and are developing strategies for the same,” said Rajeev Misra, board director and executive vice-president, SoftBank Group, and CEO, SoftBank Investment Advisers at a virtual global business summit.
Misra added that apart from hospitality most companies are going online and even OYO – in which SoftBank is a major investor – has enough capital for the next 2-2.5 years. He said that the startup is looking to focus on India, Middle-East and holiday homes in the US and Latin America.
“In terms of investment, the demand for private investment has gone down but many companies are looking at going public. This puts a lot of strain on private investors like ours who also need to reinvent in order to attract good startups,” he said.
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