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In August last year, a single judge had dismissed 14 petitions by Indian startups challenging the new user choice billing system by Google. The single judge had observed that the matter falls within the jurisdiction of the Competition Commission of India and that the remedy available under the Competition Act is much more comprehensive than that available before a civil court.

While 2023 saw the lowest funding in seven years for startups, most founders expect 2024 to be better. At least 85 per cent are optimistic about raising their next round at a higher valuation this year, according to a survey conducted by venture debt firm InnoVen Capital.

India is rightly placed to seize the next 10 years as a decisive opportunity to establish itself as an unambiguous global leader in innovation and entrepreneurship. A few examples to highlight her capabilities: in December 2023, India’s stock market capitalisation surpassed $4 trillion, marking a significant achievement and making India the world’s fifth-largest stock market after the US, China, Japan, and Hong Kong.

Throughout 2023, more than 24,000 employees were reportedly laid off by 100 or more Indian startups. Driven by financial constraints and investor expectations for profitability, startups across diverse industries implemented workforce reductions to control expenditures.

Over 100 Indian startups fired more than 24,000 employees in 2023 Startup layoffs in 2023 in India: Over 100 Indian startups fired more than 24,000 employees in 2023. High-profile companies such as Byju s, ShareChat, Swiggy, and Unacademy, all valued at over $1 billion, were among those with the most significant job cuts, Times of India reported citing data from market research firm TheKredible.

Indian startups are hoping for a better year as the majority of them expect higher valuations from investors amid increased focus on profitability and sustainable operations, a recent report stated.

Indian startups are hoping for a better year as the majority of them expect higher valuations from investors amid increased focus on profitability and sustainable operations, a recent report stated.

Indian startups are hoping for a better year as the majority of them expect higher valuations from investors amid increased focus on profitability and sustainable operations, a recent report stated.

In a volatile year for the Indian startup ecosystem, more than 24,000 employees found themselves out of work as over 100 startups grappled with financial constraints and heightened investor demands for profitability. The wave of layoffs, as reported by market research firm TheKredible and covered in a report by The Times of India, underscores the challenges faced by startups across various industries.

Amid an impetus from boards and increasing regulatory scrutiny on governance, IPO-bound Indian startups are on a hunt for chief financial officers (CFO), to bring about sophistication in their finance functions with a focus on profitability and compliance, said investors, startup founders and executive search firms.