BENGALURU : Startups in fast-growing consumer categories such as fashion, beauty and furniture are struggling with a slump in demand as consumers pare discretionary spending while the ongoing nationwide lockdown disrupts operations.
The 21-day lockdown by the government to contain the outbreak of the novel coronavirus has upset the supply chains of e-commerce and other companies that are slowly starting to resume normal business.
Only essential products such as groceries and medicines are currently being sold on most platforms. “With the entire country shut for business, startups have to pray for the best, but plan for the worst," said Mohanjit Jolly, partner, Iron Pillar, a technology-focused venture capital fund. “Assume fiscal Q1