Tag: coronavirus pandemic

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Startup

Reopened Your Hotel or Homestay Yet? Now Is the Time As Hotel Occupancy in India Improves in September

Hotels and Homestay (Photo Credits: Pexels)

New Delhi, October 29: If you are thinking of the right time to repoen your holiday home or hotel, this is it! Ever since the outbreak of coronavirus pandemic, the hospitality segment was brought to a grinding halt by the pandemic. The sector is slowly limping back to normalcy and is seeing an improvement in demand as hotel occupancy in the country improved in the last two months. According to a report by HVS India and Anarock, the hotel occupancy improved 10-12 percent in September 2020 compared to that in August 2020.

The ‘HVS-ANAROCK Hotels & Hospitality Overview – October 2020’ showed that last month, average occupancy stood at 24-26 percent. “The hotel sector is showing early signs of recovery with occupancy improving M-o-M across most major markets driven by the gradual revival of domestic leisure travel in the country,” the report said.

According to the report, leisure destinations such as Goa and Jaipur have been witnessing a noticeable improvement in occupancy as people started travelling for a change of pace, albeit to destinations closer to their cities. It adds saying that with the growth in demand, the revenue per available room (RevPAR) also improved 12-14 percent to Rs 815-935. The average daily rate (ADR) of Indian hotels stood at Rs 3,400-3,600, 2-4 per cent higher on a month-on-month basis.

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Finance

India’s Economic Growth in FY21 May Be Negative or Near Zero Due to Ongoing Coronavirus Pandemic, Says Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman. (Photo Credit: PIB)
Union Finance Minister Nirmala Sitharaman. (Photo Credit: PIB)

New Delhi, October 28: Finance Minister Nirmala Sitharaman on Tuesday said that India’s economic growth in the current financial year may be in the negative zone or near zero amid the ongoing coronavirus pandemic.

Speaking at the India Energy Forum of CERAWeek, Sitharaman, however, noted that signs of revival are visible now and India would be among the fastest growing nations in the next fiscal. She added that the festive season will further spur the economy which may lead to positive growth in the third and fourth quarters of the current financial year.

The Finance Minister said that the focus of the government is on public spending to boost economic activity. Earlier this month, she had said that another round of stimulus for the economy is not off the table.

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Startup

Tour Operators Write to PM Narendra Modi Seeking Release of SIES Benefits For 2019-20, to Help Them Survive & Revive Amid COVID-19 Pandemic

Travel
Tour Operators (Photo Credits: Pixabay) (Representational Image)

New Delhi, October 28: The coronavirus pandemic affected the tour operators as businesses remained shut for several months. On Tuesday, the tour operators approached PM Narendra Modi asking for immediate relief.

According to an IANS report, their demand is asking for the release of Service Exports from India Scheme (SEIS) benefits for 2019-20, which could help them survive and revive their businesses in this difficult period of Covid-induced disruptions.

The Indian Association of Tour Operators (IATO), a body representing more than 17,00 tour operators in a letter to the PM mentioned that the industry is not seeking any extraordinary help from the government but only SEIS funds which has not been released in this difficult period.

What are SEIS benefits?

SEIS benefits are given to the tourism industry based on its foreign exchange earnings under foreign trade policy (FTP) 1995-2000. The benefit is then used by the industry for promotions, marketing and packages to attract more foreign tourists to the country. These benefits are given annually, however, it has not been announced for 2019-20. Which means that the funds have been spent by tour operators anticipating a payment, the same had not been done so far.

Another request at increasing the SEIS scrips percentage from 7 per cent to 10 per cent for tour operators and travel agents has also been made.

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Startup

Smart Digital Marketing Tips Which Will Help Your Startup to Grow Amid COVID-19 Pandemic

Digital Marketing
Digital Marketing (Photo Credits: Needpix)

Mumbai, October 28: Coronavirus pandemic has made every business to restructure their strategy and planning for the future. It has come as a roadblock, where companies have been forced to sit down, brainstorm on new ideas and evolve. The pandemic has also seen several companies shutting down and many on the verge of collapse. Here are some smart marketing tips which you can implement to help your business grow amid the pandemic.

We need to remember that it is an extremely difficult work environment, demand has been ebbing and sales have been low. Businesses, therefore, need to implement some cost-effective and smart ideas to target their audience.

Connect With your customers: Use digital media to connect with your customers. This is a time to really show empathy to others and help out where you can. Remember, not to be too pushy with your products, but spread love and make your customers feel special and connected.

Strengthen your online presence: Make sure you are there on Google. Strengthen your presence on the online platform. In this age and day, the first thing a customer does is to use google. For e.g. if he is searching about restaurants near me and if your eatery doesn’t show up on the list, you have lost a chance to connect with your probable customer.

Work on your SEO: SEO will help your business increase organic traffic to your website and move past your competition.

Invest in good and relevant content: It is very important to invest in good and relevant content. For it, you need to do research. Put up information which is relevant for your business and which the customers want to see.

We are hopeful that you will get some insights from these marketing tips and it will help your startup to grow in these challenging times.

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Startup

Women Entrepreneurs in COVID-19: From Starting New Business, Closing Funding Deals to Innovating, Here Are the Women Who Saw Opportunity in Adversity

Women entrepreneurs
Women entrepreneurs (Photo Credits: Pikist)

New Delhi, October 22: The coronavirus pandemic has caused a devastating effect on the economy. From job losses to factories being shut, people across the world were impacted by COVID-19. However, in spite of this, there is also a positive side where few women entrepreneurs took the challenging market condition as an opportunity and flourished amid the pandemic.

We bring to you a list of few entrepreneurs who dared to dream in spite of the negativity and gloom. Here are stories of some women entrepreneurs sailing amid the coronavirus pandemic.

Boju’s Kitchen:

Amid the pandemic, we saw how several women started delivering food and helping others when most restaurants and other food delivery options were not available. One of them was 23-year-old Chitrangadha Gupta who along with her mother and grandmother, started a sought after momos making and delivery service under the name Boju’s kitchen. She started the venture with just an initial investment of Rs 2,000. From around 6-7 orders per day, her business now caters to over 30 orders and delivers across Delhi.

NOTO:

Mumbai based startup launched NOTO, an ice cream brand that specialises in making healthy, low-calorie, low sugar, and high-protein ice cream in May 2019. Entrepreneurs Ashni Seth raised an undisclosed amount of funding as part of a Pre-Seed round led by WEH Ventures, with participation from Lead Angels, in July 2020.

Enklose: 

Rakhi Khera founded Abiti Bella Enterprises in 2014 and has been generating good revenue. However, amid the pandemic, her business incurred major losses and was not able to earn a single penny. It was then that Khera came up with the idea of Enklose, a coverall that can be used by domestic maids, beauty salon workers, and hotel employees. It is a cost-effective, reusable, and washable overall.

Ni-Varak:

Ni-Varak is a contactless mobile-based thermometer. The need for wide-screening of body temperatures during the pandemic fueled its invention. Using the Internet of Things (IoT) technology, it enables a contactless way of measuring temperatures, along with geo-location and time. It is the brainchild of Chinnayya Math and Vaishali Chinnayya.

These women are an inspiration for others who want to start something of their own but are sceptical. Their determination, innovative idea and zeal to become successful have helped them see success amid the pandemic.

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Startup

4 Business Lessons Which Every Entrepreneur Should Take From the COVID-19 Situation

Startup
Startup (Photo Credits: Pixabay)

Mumbai, October 21: The coronavirus pandemic has affected every business around the world. Several companies have been shut, people have been fired and many are on the verge of closing down. The pandemic has taught entrepreneurs some harsh lessons which every owner needs to keep in mind before starting a business.

The coronavirus pandemic has caused changes in mindset, attitude, direction, and the behaviour for organisations, according to CISCO.

Here are 4 lessons which entrepreneurs need to keep in mind after the coronavirus pandemic:

Keep a plan B ready:

No one expected that coronavirus pandemic will have this massive impact and the effect will be lasting this long. Due to the coronavirus pandemic, strict lockdowns were enforced and there were several restrictions. This was not an ideal scenario for businesses to run smoothly. Here comes a plan B in handy, on which you can fall back on if your initial plan doesn’t work.

Every day is not going to be the same. Therefore, as an entrepreneur, if you’re struggling to cope with ups and down of the entrepreneurial journey then it is critical for you to have a Plan B in place.

Hire carefully: Allocate a set budget and then hire accordingly. Don’t overspend on resources which can easily be done with limited resources.

Keep a contingency fund ready: Prepare a contingency fund for emergency purpose. This fund is cash or other assets reserved to address unforeseen circumstances or losses in a business. The role of the contingency fund is to improve a company’s financial stability by developing a safety net that the firm can use to fill emergency needs.

Be Open to accepting new technology:  The virus has emphasised the importance of technology, as it was relied on more than ever for companies to conduct work. From work from home to business meetings, closing deals and interviews, everything was done online with the help of technology amid the pandemic.

 

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MSME

Credit Guarantee Scheme For MSME Sector Unlikely to be Extended Beyond October 2020

Currency (Photo Credits: Pixabay) Representational Image

New Delhi, October 19: The Narendra Modi government is unlikely to extend the Rs 3 lakh crore-Emergency Credit Line Guarantee Scheme (ECLGS) for MSME sector beyond October. According to a PTI report, this scheme is meant to provide financial support to businesses, primarily Micro, Small and Medium Enterprises (MSMEs), impacted by slowdown triggered by the coronavirus pandemic.

As per sources quoted in the report, the decision to not extend the ECLGS scheme has been taken even though the sanctioned amount so far is only nearly 65 per cent of the target.

On August 1, the government widened the scope of the Rs 3 lakh crore-scheme by doubling the upper ceiling of loans outstanding and including certain loans given to professionals like doctors, lawyers and chartered accountants for business purposes under its ambit.

The objective of the scheme is to provide support to all those affected in the coronavirus pandemic and if there are no takers for the scheme, then the scheme won’t be extended even though there is some room left.

On August 1, the government widened the scope of the Rs 3 lakh crore-scheme by doubling the upper ceiling of loans outstanding and including certain loans given to professionals like doctors, lawyers and chartered accountants for business purposes under its ambit.

 

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MSME

Credit Guarantee Scheme: Banks Sanction Rs 1.86 Lakh Cr to 50 Lakh MSMEs Impacted by Slowdown Amid COVID-19 Pandemic

New Delhi, October 17: The Finance Ministry announced that banks have sanctioned loans of about Rs 1.86 lakh crore to 50 lakh business units under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector, those who have been affected by a slowdown due to the coronavirus pandemic. According to a report by PTI, over 27 lakh MSME units have received about Rs 1,32,246 crore till September 29.

Emergency Credit Line Guarantee Scheme is part of the fiscal component of the Rs 20-lakh crore Aatmanirbhar Bharat Abhiyan package that was announced to lessen the stress caused by the lockdown due to coronavirus pandemic.

The scheme will be applicable to all loans sanctioned under GECL facility during the period from the date of announcement of the scheme to October 31 or till the amount of Rs 3 lakh crore is sanctioned under GECL, whichever is earlier.

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Startup

India to Have Around 62,000 Startups, Including 100 Unicorns by 2025, Despite COVID-19 Blow, Says Report

Startup
Startup

Bangalore, October 15: Businesses have been hugely hit by the coronavirus pandemic. However, here comes a piece of positive news where it is expected that India is expected to be home to 60,000-62,000 startups, including 100 unicorns, by 2025, despite the COVID-19 blow, according to a report jointly prepared by TiE- Delhi, a not-for-profit promoting entrepreneurship, and Zinnov, a global management and strategy consultancy.

The report mentions that there has been a dip in overall funding by 50 percent during the lockdown, compared to pre-covid levels, while around 40 percent startups were negatively impacted. Four Indian startups- Nykaa, Unacademy, Postman and Razorpay-emerged as unicorns while the pandemic was at its peak. The report predicts that India is on track to having at least eight new unicorns in 2020, on a par with the 2019 numbers, taking the total number of Indian unicorns to 33.

Accoridng to another report conducted by the same group, it was found out that due to the pandemic, 15 percent of the startups have already halted their operations. In addition to this, 44 per cent of start-ups have cash runway for less than 6 months, 41 per cent of startups have been impacted negatively while 52 per cent are struggling to raise capital.

 

Categories
Startup

COVID-19 Impact: 15% Startups Halt Operations, 44% Have Cash Runway For Less Than 6 Months

Startup
Startup (Photo Credits: Pixabay)

Mumbai, October 14: The coronavirus pandemic has affected across sectors causing job losses and business being shut. According to an IANS report, the impact of COVID-19 has been severe on the Indian startup as 15 percent of the startups have halted operations.

According to a report by TIE Delhi-NCR and Zinnov, 44 per cent of start-ups have cash runway for less than 6 months, 41 per cent of startups have been impacted negatively while 52 per cent are struggling to raise capital.

In addition to this, there has been a decline in the overall pace of investments, especially in April to June 2020. To add to it, there has been a 48 per cent year on year decline in funding and 37 per cent year on year decline in the number of deals in the quarter.

The decline was even more prominent in seed and early-stage investments. The coronavirus also affected early and late-stage funding. According to the report, there was more than 50 percent decrease in early and late-stage total funding in Q2 20 as compared to Q1 20.