In 2022, eight Indian startups were forced to shut down their shops due to paucity of funds. Five out of these eight startups that shut down their operations were in Edtech sector. The list of these startups are as follows:
- Lido – Ronnie Screwvala-backed edtech startup
- ShopX – Nandan Nilekani-backed B2B ecommerce platform
- Udayy – Edtech Startup
- Crejo – Matrix Partners-backed SaaS startup
- Super Learn – Bengaluru based Edtech startup
- GoNuts – A celebrity engagement platform
- Qin1 – K12 focused Edtech startup
- Protonn – Matrix Partners-backed SaaS startup
Apart from shutdowns, several big tech companies and unicorns had to shut down their cash guzzling verticals to beat the rising costs. For instance, Ola dissolved three of its verticals namely Ola Dash, Ola Foods, and Ola Play.
It is important to note here that even global companies like ecommerce giant Shopee, BNPL (Buy Now Pay Later) startup Sezzle gave up their India operations in 2022!