What’s wrong with India’s tech world?

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The Indian tech landscape is undergoing a significant transformation marked by the struggles of two major players Paytm and Byju’s as concerns mount over the fragility of the country’s start-up ecosystem. Over the past two decades, India’s services exports, particularly in IT and business process outsourcing services, have been a crucial driver of the country’s economy. However, the ambitions of tech start-ups have been hit by setbacks in the past year as the broader sector recorded a sharp drop in investments.

While the reasons behind the challenges faced by digital payment and financial services platform and education tech firm differ, their simultaneous downturns have sounded alarm bells in the Indian sector with analysts expecting the repercussions to intensify.

“What is going on in start-ups is quite visible. The metrics and goalposts are being corrected. There’s a whole systematic shift that is happening in terms of course correction. This is not confined particularly to Paytm or Byju’s. When such systematic shifts happen, there will be companies that are on the right side and those that aren’t to manage these shifts,” said Anshuman Das, CEO of the executive search and talent advisory firm LONGHOUSE Consulting.


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