Startup Business Sectors Affected by the Corona Virus

Technology & Telecommunications

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Yosepha Pusparisa 13/04/2020 15:12 WIB

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The business activities of startups were impacted by the Covid-19 pandemic, especially those in the travel sector.

Level of Negative Impact of Covid-19 on Startups

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Startup Business Sectors Affected by the Corona Virus

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Level of Negative Impact of Covid-19 on Startups

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The COVID-19 pandemic, ongoing since the beginning of the year, has impacted the digital-based startup industry in Asia. The hardest-hit business sectors were travel (3.8 points), housing (3.3 points), media (3.2 points), and marketplaces and platforms (3.2 points).

A travel agency in Singapore reportedly lost US$20 million (Rp 314 billion) due to order cancellations. As a result, the agency had to terminate contracts with its hotel partners due to the temporary lack of revenue.

Tech in Asia conducted a survey using a 1-5 point scale, where a higher score indicates greater losses for the industry. The survey involved over 140 industry professionals and startup founders in Asia.

Editor : Safrezi Fitra

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."