Indian unicorns cut jobs, close units to conserve scarce capital

Meltdown in public markets as free-money era ends and thrift takes over

Indian startups will find it harder to raise new capital as investors turn cautious amid the meltdown in public markets. (Source photo by Vedantu YouTube and Getty Images)

SAYAN CHAKRABORTY, Nikkei staff writer

May 24, 2022 15:09 JST

BENGALURU -- India's biggest startups are turning thrifty amid a new reality in which capital has become hard to come by.

At online education startup Vedantu, one of 44 companies that surpassed a $1 billion valuation amid a funding frenzy last year, CEO Vamsi Krishna told employees in an email on last Wednesday that "capital will be scarce in the coming quarters."