The COVID-19 pandemic and ensuing lockdown has impacted many businesses, and the worst hit have been startups that are struggling to keep operations running. Around 70% of startups in India have been impacted by the pandemic, according to a recent survey. Additionally, 68% of startups have cut down their operational and administrative expenses.
The pandemic got startups to rethink their strategies both from a business and employee management perspective. But nine months into the pandemic, the startup ecosystem is beginning to get back on its feet, showing signs of recovery.
RazorpayX used ground-level data to analyse and uncover insights about the impact of COVID-19 on several aspects of payroll in the startup ecosystem.
Payroll is a company’s biggest line item, its single biggest expense. These insights are developed based on salaries and reimbursements made by startups on the RazorpayX Payroll Platform (Opfin) between April and November 2020.