START UPS TO BE THE ‘NEW NORMAL’ IN INDIA
Covid-19 crisis is on its peak, where most of the businesses have shut down and industries are not working with their full potentials. Many of the manufacturing units stopped producing goods. These units are not operating, but the expenses are moving forward, there’s no stopping. It is a difficult situation since there are less source of revenue.
This will definitely have a huge impact on this ecosystem.
However, on a positive side, if we see, lockdown had bubbled with so many new ventures and India has actually moved forward with innovation and courage.
The fight with corona virus is open to all type of start-ups, companies and innovators, which had filled a lot of gap between the demand and supply of essentials to fight this novel cause.
Some of the start-ups I would like to highlight are –
- BlinkIn, Bengaluru – Established air handling units in hospitals of Wuhan, to monitor and manage air handling units.
- DronaMaps – With the help of Center of Excellence IOT and AI, NASSCOM, Gurugram, it developed a live dashboard to track COVID-19 patients and their activities.
- Quarantine App- It is an app which tracks patients who are in quarantine and who are tested positive. Some of the startup founders who collaborated are Mayank Bidawatka, co-founder Vokal, Mekin Maheshwari, co-founder org, Urban Company.
- STAQU-This is a startup based in Gurugram, launched a new Thermal Camera which detects individuals with a body temperature more than 37 degrees Celsius and alerts the system
- RACERFLY- This is a start-up, based at IIT Guwahati, which developed a drone with an automated sprayer to sanitize large areas including roads, parks and footpaths, to prevent the spread of coronavirus.
These are some of the new ventures which came up as a helping hand in this period of crisis. Department for promotion of industry and internal trade(DPIIT) and Start-up India collaborated and launched a competition for budding entrepreneurs, which helped many start-ups to come forward. Not just this NASSCOM incubation centers at various places helped these entrepreneurs to grow.
This was the situation during the lock-down, but what will happen to these start-ups post lock-down?
Will they have to change their survival ideas?
The answer is Yes. All the start-ups have to work for better survival methods, bring innovative products and provide a reason for themselves to live!
To cope up with the stagnant economy, the start-ups have to step one leg forward so that it can provide relief even to the jobless people.
SOME IMPORTANT SECTORS WHERE THE FUTURE OF START-UP CAN FLOURISH –
- HEALTHTECH – The Indian Healthcare sector is probing to grow by 23% by the end of 2020 from $100 billion to $280 billion. The sector has already given rise to many start-ups, even in this pandemic and it will continue doing so. Startups who are doing extremely well already are – NetMeds, DocPlexus ,3Hcare, Practo, PharmEasy, Docttocare and so on. The growing need of digitization, will encourage more such start-ups to come up and the change the trend of the world. In this pandemic situation, start-ups like Clinikk, Health Vectors have developed solutions to address the problems faced in corona Virus.
- LOGISTECH – Due the ecommerce boom, the need for logistics sector has increased in the country. It is expected that this sector will reach to $215 billion. For example – LogiNext start-up has launched LogiNext NOW. The new offering has a feature that enables contactless deliveries, Omni channel fulfilment and enhances the safety of the delivery associates. Not only this, it even sends timely reminders to the delivery and warehouse associates to check body temperature, wash and sanitize their hands after every delivery or break.
- EDUTECH- We have entered in a phase where learning is not confined to just physical classrooms but due to the emergence of platform like UDEMY, BYJUS and UNACADEMY, it is possible now to upgrade the skill sets using internet at home as well. These start-ups have given hope to others to learn with quality content and teachers. This can be done by subscribing to the online classes of such platforms. In this lockdown period, these start-ups were the happiest and gained a lot of popularity and a hope for others as well. There is a lot of potential in this domain for the start-ups to come up.
- INSURTECH- When Insurance industry is disrupted by the technology, then Insurtech is formed. It is noteworthy, that India stands second in the position globally when investments are made through such technologies. Companies like Policy Bazar, Bank Bazar etc. have become a go to destinations for those who want to invest. And, since it is easier to use, it many start-ups will be coming forward with such services.
- REGTECH-It is basically management of regulatory processes in financial industry through the use of technology. This technology can augment the fight against COVID-19 and help financial institutions and firms to analyze big data. Fintech start-ups are getting tangled up with issues related to regulations, hence Regtech startups will be high in demand even after this pandemic situation. As per a market report, the global RegTech market revenue was US $2.3 billion and is expected to reach $7.2 billion with a CAGR of 25.4% by 2020. The companies leading ahead are Credible Ninja, Digio, Simility etc.
- FINTECH – Covid 19 has already shown so much importance to this emerging business. Payment and wealth-focused fintechs are expanding the business, with people getting used to such services. The financial institutions without digital ability will have to struggle. With Block chain coming into the demand, there will be more start-ups which will be based on block chain financial services. So, Fintechs will go aggressive post this scenario. Digital payments have been in trend, and since it will be about social distancing, apps like Paytm and Google pay will be used for cashless transactions.
There are many start-ups which are highlighted in this Covid-19 outbreak, and has made accelerations in market dynamics with its innovative ideas.
We will now be living in a post-Corona world, where major change that we would be seeing is doing things digitally. Government and other people who thought start-ups being a dicey affair in India, are now coming up with different aids to power up the new ventures.
Some aspects that were futuristic, have eventually time-travelled and came early to the present scenario. This pandemic, was a challenge but it gave opportunities for the start-ups to grow and expand.
FUTURE IS INNOVATION AND TRANSFORMATION. FUTURE IS NOW.
Palak Bhatnagar is a student , pursuing PGDM in Finance and Business Analytics at New Delhi Institute of Management , New Delhi . She is a finance enthusiast , a versatile person who likes to explore . She is a keen learner with an objective to learn and grow.