Once the global pandemic hit, no business sector got spared. Because most tech companies exist in a digital marketplace, and since many of their employees can work from home, the general belief was that they would be among those that would suffer the least. Yet, they were equally as affected.
However, according to a NASSCOM survey conducted in September and October, tech startups seem to be on a gradual road to recovery. NASSCOM is a not-for-profit industry association established in 1988, focused on building the architecture for the development of the IT-BPM sector. It claims that in April and May, these companies saw revenues drop by 92%, but that now this figure is only down to 29%. Funding and revenue acceleration has improved the cash availability of startups, and that 50% of them expect revenues to reach pre-pandemic levels within six months.
Signs that point to further healing are the fact that 20% of startups are now hiring again and a significant spike in investor interest. Those in the Healthtech and Edtech sectors seem to be doing best, thanks to product innovation and funding availability. For companies to keep growing, analysts say that they must optimize operational metrics, pivot to rising verticals, foster partnerships with ecosystem players, and encourage the digitization of impacted areas.
Online Casinos Legalization Would Cause an iGaming Boom in India
In 2019, the online betting market had an estimated worth of $58.9 billion. The consulting firm, Grand View Research, put out a report in the first half of 2020, which said that the market should hit a size of $127 billion by 2027. It would gain traction thanks to the growing worldwide popularity of the activity, the freemium model implemented by the industry, as well as increasing internet penetration and smartphone adoption. The popularity of sites such as Pure Casino India will only rise as more people turn to play games on chance online.
iGaming stands for interactive gaming, and the sphere is exploding in all corners of the globe. The availability and convenience of platforms are what makes them so alluring, as they let players bet anywhere from any time. In India, outdated legislation stops entrepreneurs from establishing companies that would operate such a business from within the country’s borders, but residents are free to play at offshore sites. Thus, they are contributing to the growing revenues of entrepreneurs in other countries instead of benefiting those in India.
It does not cost much to establish a gaming website. A company only needs to acquire the necessary servers, partner with software providers, and attain a gaming license. They can even buy a fully furnished casino site from someone that sells them and begin operations immediately. India has over 360 million mobile gamers, so the market is massive, and with a dominantly young population, many are itching to try games that have skill-based rounds that lead to prizes. Gambling is no longer taboo, as more than half of Premier League clubs have gaming sponsors, all of which promote responsible-play.
Microsoft Nurtures Health Tech Startups in India
In early November, Microsoft announced that they are launching a program to help Healthtech startups flourish in India. Since the current pandemic seems to have impacted every aspect of the healthcare system, the software giant informed the public that they are now collaborating with Social Alpha, a startup incubator, to accelerate the growth of companies in this field. It will attempt to aid entrepreneurs with go-to-market resources and tech support to achieve better results across all healthcare services.
The program will offer a range of benefits, such as enterprise-ready solutions that allow small companies to quickly scale via joint market strategies and sales opportunities with partner ecosystems. Partnerships will focus on enabling these companies to fast track their progress and accelerate their innovation pathways by unlocking the power of Microsoft 365, Microsoft Azure, Microsoft Dynamics 365, and Microsoft Power Platform. The program will enable startups to gain access to a catalog of newly released Microsoft tech capabilities tailored to the requirements of health-specific data in the cloud.