Fintech Is Worst Hit Category, We Are Seeing A Great Reset: Flipkart CEO
The recent economic downturn was a result of multiple interrelated factors. Comparing the data, giving a glimpse the four reasons he cited are - the end of cheap money with the rise in inflation and interest rates, the global economy softening, the Ukraine war worsening inflation and supply shocks in essential commodities and overestimation of the digital shift from Covid.
“The year 2021 was the record year for startups in India. IPOs have increased three times than the previous year, around $680 billion were raised through IPOs last year,” Kalyan Krishnamurthy, CEO, Flipkart elaborates.
The average number of IPO launches in the previous years’ H1 typically lies somewhere around 33 but the first half of 2021 recorded 100 IPOs whereas H1 of 2022 recorded only 5,” while commenting on the tumultuous conditions of all the sectors across. “IPOs have fallen down to a two-decade low,” Krishnamurthy added.
Last year has witnessed a huge amount of new venture capital funding around $330 billion which is roughly double of what was observed in 2020. “The world economies are seeing the highest inflation in the last 40 years,” Flipkart’s CEO said.
