More than six dozens of startup founders, lobby groups, and venture capitalists in India have requested the government to provide them with a “robust relief package” to assist combating severe disturbances in the businesses because of the outbreak of COVID-19.
Some Indian startups sent a joint letter to the Prime Minister Narendra Modi to request the bankroll of 50% of the salary of their workforce for the next six months, provide interest-free loans from the banks, offer tax benefits, and waive rent for three months.
The letter that they wrote to Prime Minister Modi read that their startup firms throughout the nation were inherently new, less resilient, and most susceptible unfortunately, and many of them would face complete devastation in the economic downturn. At that moment, the Indian startups needed a powerful relief package from the government.
The people who signed the letter include – Mohit Bhatnagar (the managing director at the Sequoia Capital), Gaurav Agarwal (Online medicine store 1mg), Debjani Ghosh (from Nasscom), Karthik Reddy (from Blume Ventures), Anand Lunia (from India Quotient), Deepinder Goyal (from Zomato), and lastly Sriharsha Majety (from Swiggy). In addition to these, there are some prominent startup founders as well as VCs like Vijay Shekhar Sharma (from Paytm), and Ritesh Agarwal (from Oyo). They also had a meeting with Piyush Goyal, who is the commerce minister in India.
The letter also reads that they seek an urgent intervention to assist ensure the startup ecosystem handles the COVID-19 crisis. They need the startup ecosystem to handle to help the economy to recover.