India’s booming tech sector suffers a big blow as Byju’s and Paytm plunge into crisis
Publishing timestamp: 2024-03-07 08:25:28
Summary
India's tech sector, including startups like Byju's and Paytm, has been hit hard by regulatory scrutiny and funding pullback. Byju's valuation has plummeted, while Paytm Payments Bank is facing compliance concerns. The overall funding for Indian startups has plunged 83% in 2023 compared to the record high in 2021. The sector is facing challenges due to issues with corporate governance, accounting irregularities, and regulatory crackdowns.
Sentiment: NEGATIVE
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