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The outbreak of #Covid19, which was recently announced as a pandemic, has had a major impact on the world economy, bringing several industries to a standstill. Here's a look at how it has affected organisations and employees in the tech and startup industry -
Several startups like @zerodhaonline, @Meesho_Official, @unacademy, @Bounce, @instamojo and technology majors such as @Twitter, @Nokia and @UiPath have asked their staff to mandatorily work from home.

tech.economictimes.indiatimes.com/news/corporate…
Internet commerce companies like @Flipkart, @Snapdeal, @Paytm, @Uber, @Olacabs are also aggressively promoting remote working options among employees tech.economictimes.indiatimes.com/news/corporate…
Earlier this week, @Flipkart made it mandatory for all its staff in Bellandur campus to work from home for 3 days, as part of a "dry-run". @PhonePe_ will also see about 50-60% of its staff working from home for a week

tech.economictimes.indiatimes.com/news/internet/…
Food delivery platforms @Zomato and @swiggy_in have also taken several measures - from offering insurance and financial support to delivery staff in case they are infected with the virus to letting delivery partners leave the packages at the door

tech.economictimes.indiatimes.com/news/internet/…
Education technology platforms Byju’s, @vedantu_learn and @unacademy have said they would offer free access to their learning platforms or conduct free live classes to all students

tech.economictimes.indiatimes.com/news/internet/…
The push for work from home and curbs on business travel has resulted in Uber and Ola rides dropping by as much as a third over the last one week

tech.economictimes.indiatimes.com/news/internet/…
Travel and hotel industry insiders are bracing for a substantial slump in business following the government’s move to suspend all tourist visas till April 15. Direct losses are estimated to be not less than Rs 8,500 crore

tech.economictimes.indiatimes.com/news/corporate…
India's fledgling EV industry may see growth stall on a shortage of lithium-ion cells and critical electronic components, as the Covid-19 virus outbreak continues to impact supply chains in China and East Asian countries

tech.economictimes.indiatimes.com/news/technolog…
Late-stage financing rounds for startups in India are likely to take a hit, as fear mounts that the impact of the Covid-19 virus outbreak could stretch beyond a few months.

tech.economictimes.indiatimes.com/news/startups/…
Companies that had launched fundraising efforts this quarter or were looking to kick-off the process will face challenges. Deals that are already at the term-sheet stage and in diligence are likely to be delayed but will be completed tech.economictimes.indiatimes.com/news/startups/…
Last week, @sequoia sent out an advisory to companies in its global portfolio on the pandemic, warning them of a global economic slowdown that may take several quarters to recover.

tech.economictimes.indiatimes.com/news/startups/…
At a recent panel discussion during #ETGBS, top stakeholders in the startup ecosystem said that Covid-19 outbreak will make young businesses recalibrate and push them towards becoming financially self reliant

tech.economictimes.indiatimes.com/news/startups/…
On the flip side, E- pharmacies are witnessing a spike in orders as Indians are turning to buy essential household supplies online. They are also opting for online consultations and other services such as at-home diagnostics

tech.economictimes.indiatimes.com/news/startups/…
Consumers are also increasingly turning to ayurvedic medicines and products in the hopes of boosting their immunity. Pharmaceutical companies like Himalaya and e-marketplaces such as @Grofers and @HelloMilkbasket said they were witnessing a surge in sales

tech.economictimes.indiatimes.com/news/corporate…
Indian IT services providers including Mindtree, NIIT Tech, HCL Tech, TCS, Wipro and Hexaware may see business from their travel and hospitality vertical impacted significantly this year following downbeat forecasts from key global clients

tech.economictimes.indiatimes.com/news/corporate…
The IT services sector's growth has also been revised downward to 3-8% for the next financial year following the virus outbreak

tech.economictimes.indiatimes.com/news/corporate…
There is an estimated business loss of about Rs 1,000 Cr of IT products as well as Rs 350 Cr worth mobile handsets in January and February this year due to the virus spread, said @TEAMCAIT 's secretary general Praveen Khandelwal

tech.economictimes.indiatimes.com/news/mobile/fe…
CEOs of top companies in India are however hoping that the impact of the virus outbreak on their business and the economy will be limited. If the virus threat is prolonged, then it could impact consumer sentiment and growth across industries

tech.economictimes.indiatimes.com/news/corporate…
The virus outbreak could drive BPOs to expand its work-at-home call centre model, which was previously used only for business contingency planning or to mitigate costs in delivery locations

tech.economictimes.indiatimes.com/news/corporate…
Covid-19 will also likely hit imports of card swipe machines to India, which could cause a shortage of it to process digital payments at retail outlets.

tech.economictimes.indiatimes.com/news/corporate…
Bitcoin has plummeted amid wild volatility in cryptocurrency markets. It has lost over 30% of its value in the last few days

tech.economictimes.indiatimes.com/news/technolog…
Social media platforms Facebook, YouTube and ShareChat are also changing algorithms, removing content and reducing discoverability of misinformation on Covid -19 virus

tech.economictimes.indiatimes.com/news/internet/…
Covid-19 outbreak: More companies including @swiggy_in, @DailyhuntApp, @KhataBook & @tapchief are opting for work-from-home. @Flipkart is extending its mandatory work-from-home policy for employees till March 20 buff.ly/33si9wZ
NRAI will seek relief on rents, energy costs, overall credit limits and taxation, as malls and restaurants have registered a 30-35% decline in footfalls with the spread of the infection in the country buff.ly/2Wdrw1G @AditiS90
@AditiS90 Leading engineering colleges & business schools are postponing events, imposing travel restrictions on foreign faculty and holding extensive awareness sessions on campus tech.economictimes.indiatimes.com/news/corporate…
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ETtech
@ETtech
Indian IT industry is witnessing its first-ever hostile takeover bid with conglomerate Larsen & Toubro seeking to take control of the mid-tier IT services firm Mindtree. Here's a quick look at key developments so far -
Coffee day group founder and Mindtree's largest investor VG Siddhartha started looking for a buyer for his 20.4% stake after leaving Mindtree board in March last year, due to liquidity pressure on his diversified business portfolio tech.economictimes.indiatimes.com/news/corporate…
Larsen & Toubro, which had previously passed on a deal with Mindtree, started eyeing Mindtree as a possible investment target by April 2018, in a bid to ramp up its services business. tech.economictimes.indiatimes.com/news/corporate…
Read 25 tweets

Related threads

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Prof Tanja Bueltmann
@cliodiaspora
Dear ⁦@BorisJohnson⁩,
Look at what we—what you—are faced with. Even the best case scenario is terrible. All Govt resources must go into supporting the fight against #COVIDー19. That also means asking for a Brexit transition period extension now. theguardian.com/world/2020/mar…
Brexit has happened; there is *no* risk anymore of you not delivering it: you did get it done. But time and energy cannot now be wasted on sorting out trade deals and creating more uncertainties for businesses and people. Not the EU, not the UK, not any other country in the world
will have the time and resources to do this. Deadlines will also need to be changed. Think of the EU Settlement Scheme. It will be impossible to continue work with the most vulnerable for some time. That will have an impact. You also need to postpone the introduction of the new
Read 4 tweets
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Moritz Kuhn
@kuhnmo
@christianbaye13 & me have been thinking about the big differences in mortality rates so far during the corona outbreak in Europe. The differences in case-fatality rates are humongous. Italy has one of 6% while countries like Norway, Denmark & Germany have rates still close to 0.
Of course the rates will likely converge somewhat over time as the virus spreads and there are many effects in this. Division bias may play a role, as does the time since the outbreak.
However, we thought maybe there is something to learn in this in order to help to organize our lives in a way to minimize the risks for us and we pose to others. We picked up a striking data difference that @AndreasShrugged pointed out.
Read 23 tweets
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Boston DSA
@Boston_DSA
In light of the recent outbreak of COVID-19, we are all being advised to stay in and avoid in-person gatherings. However, this pandemic does not mean the problems of the capitalist system are staying quietly home-rather, this moment of crisis exacerbates hardship.

Thread 🔻
It is imperative that we not allow the responsibility of social distancing to stop our work. Therefore our coordinating committee has devised a set of plans and recommendations to help weather this crises and stem it's effects. For starters we are stressing meeting online only.
Our March GM will be a zoom conference call on COVID-19 w/ presentations from public health experts, analysis of how capitalism has failed to address the crisis, and organizing for mutual aid, eviction moratoriums and single-payer healthcare

More info

facebook.com/events/2605858…
Read 11 tweets
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Robᵉʳᵗ Graham😷
@ErrataRob
What do computer viruses teach us about #COVIDー19? I don't think anything, but in this thread I'm going to try to draw corollaries anyway, because cyber.
"Don't touch your face" is stupid advice, just like "don't open suspicious attachments" or "don't click on suspicious links in emails". Email is designed to have attachments and links, asking people to not use the product as designed is nonsense.
This video went viral (sic) of a health official advising people to not touch their face as she, and the people behind her, touch their faces. People are going to click on email links and touch their faces.
Read 16 tweets
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Tuomas Malinen
@mtmalinen
A lot of talk about the economic effects of the #COVID_19 . There are still those hoping for a quick (V-type) recovery.

In this thread, I'll try to be as detailed as a macroeconomist can be in explaining, why this is very unlikely.

But first, please remember this. 👇 1/
Second thing to note is:

"In this situation, it won't be feasible to adopt a proactive fiscal policy by expanding the fiscal expenditure scale."

By Finance Minister Liu Kun. 2/
globaltimes.cn/content/117974…
The above statements should not be disregarded lightly.

Similar statements, given at the start of the Chinese deleveraging in early fall 2017, indicated that the deleveraging had truly started. 👇 3/
gnseconomics.com/en_US/2017/10/…
Read 12 tweets

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