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STARTUPS CAME WITH THEIR NEW REVENUE STREAMS TO COPE UP COVID-19 IMPACTS

With the outbreak of COVID-19, many startups and business have suffered the loss in terms of services, expenditure and revenues in different business segments.

The startups and businesses have to design and come up with new ideas to cover the gap of what they’ve missed and losses in the whole pandemic period. Though the pandemic is still not over, the process of unlocking by the government has given a kind of hope and showed a road to recovery for the business

This has forced many companies and startups to look at new business segments for revenues and covering up the losses.

How MobiKwik is dealing with the impacts of COVD 19

MobiKwik a Gurugram- based startups received helping hand from tailwinds around digital payments and insurance to deal with the revenue issues amid the coronavirus pandemic.

Following it, MobiKwik in June collaborated with -commerce firms including Flipkart, ixigo, Snapdeal, Confirmtkt for seeking help from MobiKwik to launch mobile bill payments on their platforms through ‘MobiKwik Biller Stack’

In April, after the sudden outbreak of the pandemic, Mobikwik came up with a new health insurance product on its platform to ensure customers from COVID 19 crisis.

“In-store payments have gone up because card or cash is something consumers don’t want to use anymore. Our revenues were down by 35% during COVID-19 lockdown, and are still down by 25%, but since we diversified in multiple categories, over the past years, we expect a full recovery by October,” says Standford University Graduate Upasana Taku https://www.linkedin.com/in/upasana/, co-founder of MobiKwik.

How Swiggy is dealing with COVID-19 impacts?

As all the restaurants were closed during the lockdown, online food delivery platforms observed a decline in their services. Swiggy came up with something new to manage the decline and recover the loss amid COVID 19 crisis. It doubles down to its grocery business and launched Genie -idle delivery fleet to deliver orders in this new segment which is helping swiggy to overcome the impacts of the crisis.

The food delivery business has gone through a roller-coaster, with a dynamic lockdown still continuing due to the pandemic. We are now working on consumer trust and getting consumer frequency back. But we got into all hyperlocal categories, where our expertise allowed us to exist in. Today, we have a recovering business, and it’s safe to say that things will be back to full recovery in the next 3-4 quarters,”

“For Swiggy, COVID-19 was the first time it interacted with kiranas, and we brought in a digital module for onboarding, which otherwise was a physical process. Alternatively, we used a delivery fleet to make task-based orders. And we will continue with these efficiencies in the post-COVID world,” said COO, Vivek Sunder of Swiggy.

The new method used by Swiggy in dealing is fairly new, creative and impactful which showed them a way to continue with this even in post COVID world.