A total of 146 Indian new-age tech companies reported a combined operating revenue of INR 3.03 Lakh Cr in FY23 Of the 146 companies, 110 incurred a combined loss of INR 71,112.1 Cr in FY23 Inc42’s Indian Startup Financials Tracker FY23 aims to be your eyes and ears, updating you on these numbers as they unfold In a landscape teeming with buzzwords like disruption, innovation and scalability, the stark reality of numbers often tells a different story.
While 146 leading new-age tech companies in India have released their FY23 financials, the performance figures offer a cautionary tale. Despite a cumulative operating revenue of a staggering INR 3.03 Lakh Cr, 110 of these companies reported a combined loss of INR 71,112.
1 Cr in FY23 . In contrast, the rest managed to eke out a collective profit of INR 11,750.8 Cr.
The divide becomes more intriguing considering that 19 of these companies are listed. Inc42’s Indian Startup Financials Tracker FY23 aims to be your eyes and ears, updating you on the financial performance of startups. It’s important to note that FY23 was far from smooth sailing for the Indian startup ecosystem.
Faced with dwindling funding, startups resorted to mass layoffs. In addition, various Indian startups adopted restructuring measures, including elimination of some business units and reductions in marketing budgets, to navigate the downturn. While the capital crunch was painful and humbling, it also pushed startups to control their expenditure and focus on.
