India’s startup ecosystem, long hailed as the world’s third-largest and fastest-growing, is witnessing a dramatic correction. According to data accessed from official records and industry estimates, over 28,000 startups have shut down between 2023 and 2024 — a number that dwarfs the 2,300 closures recorded across 2019 to 2022.

This marks a 12x increase in shutdowns over the previous period and reflects the tightening grip of a prolonged funding winter, unsustainable burn models, and macroeconomic headwinds that have hit India’s new-age businesses hard.

📉 Year-wise Startup Closures

(Source: Financial Express, MCA records)

What’s Causing the Spike in Shutdowns?

Experts say the trend is a result of accumulated fragility in the system. Between 2020 and 2021, an avalanche of funding encouraged rapid expansion, but few startups focused on unit economics or real revenue models.

• Funding Slowdown: VC investments dropped by over 40% year-on-year after 2022, forcing cash-strapped startups to either pivot or perish.
• High Burn, Low Return: Business models in edtech, fintech, and quick commerce struggled to maintain customer retention and profitability.
• Regulatory Pushback: Segments like crypto, lending apps, and edtech saw increased oversight, creating compliance pressures many couldn’t absorb.
• Mass Layoffs & Consolidation: Over 24,000 layoffs were recorded in 2023 alone, as firms trimmed operations or merged for survival.

Notable Shutdowns

• Lido Learning: Once a rising edtech player, Lido shut operations in early 2022 due to a capital crunch.
• ZestMoney: A once-prominent BNPL fintech firm that folded in 2023 amid regulatory and operational challenges.
• Udayy: A pandemic-era live learning platform that exited the space in 2022.
• Anar: A B2B SME networking app that shuttered in 2023, citing scale limitations.

Even lesser-known startups in healthtech, crypto, and D2C struggled to maintain runway as customer acquisition costs surged and investor patience wore thin.

The Bright Side? A Market Correction

While the volume of closures is sobering, investors and analysts say the “cleanup” was overdue.

“This is a correction, not a collapse,” said a Bengaluru-based VC partner. “What we’re seeing now is a much-needed shift towards sustainable models, real value delivery, and lean operations.”

New startup launches also slowed in 2024 — with only 5,264 new ventures registered, compared to 9,600 annually during the pre-COVID years.

Conclusion

India’s startup dream is far from over — but it’s becoming more grounded. The age of free cash flow with no profits is ending, and the winners of the next decade will be those who combine ambition with accountability.

In the complex machinery of corporate governance, Independent Directors (IDs) serve as internal watchdogs — professionals appointed to a company’s board to ensure that decisions are made in the best interest of all stakeholders, not just promoters or majority shareholders.

But in recent years, India Inc. has witnessed a wave of high-profile board exits, regulatory penalties, and questionable oversight — all of which have raised one question: Are Independent Directors truly independent?

Who Is an Independent Director?

According to SEBI and the Companies Act, 2013, an Independent Director is someone who:

• Has no material or pecuniary relationship with the company
• Is not a promoter or relative of promoters
• Brings professional objectivity and neutral oversight

Public companies (especially listed ones) are required to appoint a minimum number of independent directors, usually one-third of the total board.

Key Responsibilities

• Corporate governance and compliance oversight
• Approval of related-party transactions
• Audit and risk management supervision
• Executive compensation and CEO evaluation
• Safeguarding minority shareholder interests

Why It Matters Now

In an era where corporate frauds, ESG lapses, and promoter overreach have come under scrutiny, the role of IDs has never been more critical.

Recent controversies involving companies in financial services, retail, and media sectors have shown how weak boards — or rubber-stamp directors — can fail to flag risky practices in time. Regulators are now insisting on board accountability, and investors are demanding transparency and ethical leadership.

Challenges They Face

• Lack of real independence: Often, IDs are appointed by promoters or known to key stakeholders.
• Limited access to internal information unless they actively pursue it.
• Tokenism: Some are offered positions for brand value or gender diversity without being involved in core decision-making.
• Liability without control: IDs face reputational risk and legal exposure for decisions they may not have influenced.

A Shift in Culture

Progressive companies are now empowering IDs with:

• Dedicated onboarding and governance training
• Access to internal auditors and key departments
• Clear documentation of dissent or abstentions
• Boardroom discussions beyond rubber-stamp meetings

Platforms like the Institute of Directors (IOD) and Indian Institute of Corporate Affairs (IICA) are also helping build a pipeline of trained, truly independent directors.

Conclusion

As India’s corporate landscape matures, Independent Directors are no longer passive passengers — they are expected to be active navigators. Their ability to speak truth to power may well define the future of corporate governance in India.

In Czechia, beer is not just a beverage — it’s a way of life.
From ancient monasteries to modern microbreweries, the country’s brewing tradition runs deep, shaping its culture, social fabric, and global influence for over a thousand years.

The story of Czech beer dates back to 993 AD, when monks at the Břevnov Monastery in Prague first brewed what would eventually become a global symbol of craftsmanship. Today, Czechia stands as the birthplace of iconic brews like Pilsner and Budweiser, setting standards for beers enjoyed across continents.

For Indian travellers seeking an immersive cultural experience, Czechia offers a rare invitation: to walk through a land where history is tasted with every sip.

A Landscape of Breweries and Living Traditions

With over 500 breweries spread across the country — from historic giants to creative microbreweries — Czechia’s brewing culture is both ancient and refreshingly alive.
In Pilsen, visitors can step into the world where the legendary Pilsner Urquell was born, redefining the art of lager brewing.
Further south, near České Budějovice in South Bohemia, lies the historic home of Budweiser Budvar, another name etched into the story of global beer culture.

Brewery tours across Czechia are more than factory visits. They offer a behind-the-scenes journey into brewing techniques perfected over centuries, shared through storytelling, craft demonstrations, and, of course, generous tastings. From traditional lagers to bold ales, stouts, APAs, and seasonal infusions with herbs, honey, and spices — every glass tells a story of craftsmanship and creativity.

Wellness Meets Brewing: The Unique Beer Spas

Czechia’s love for beer even extends into wellness.
Across the country, travellers can indulge in beer spas — therapeutic experiences where natural ingredients like hops, yeast, and malt combine with warm water for rejuvenating treatments. These spas offer a relaxing immersion into Czech traditions, blending wellness with centuries-old brewing heritage in a way found nowhere else in the world.

More Than Beer: A Country Rich in Discovery

While beer flows through its veins, Czechia is equally celebrated for its rich cultural tapestry.
Beyond the charming streets of Prague, visitors can explore:

• The romantic lanes of Český Krumlov and Telč, both UNESCO World Heritage towns
• The historic spa town of Karlovy Vary in the famed spa triangle
• The vibrant city of Brno and the rolling vineyards of South Moravia
• The majestic Lednice–Valtice complex, a stunning blend of nature and architecture

Across its gentle hills, deep green forests, and natural lakes, Czechia invites visitors to discover a country where history, beauty, and craftsmanship come together seamlessly.

The Czech Way of Life

In Czechia, brewing is not just an industry — it’s woven into everyday life.
It shapes social gatherings, celebrations, and local identity. For Indian travellers, it offers an opportunity to experience a culture where tradition is not only preserved but lived, where every pint carries with it the spirit of a nation proud of its roots and open to the world.

In every city, every village, and every glass, Czechia pours out a story — rich, vibrant, and waiting to be discovered.

About Czechia

Located in Central Europe, Czechia is home to over 1,200 castles, 16 UNESCO World Heritage Sites, natural healing springs, centuries-old crystal artistry, and an omnipresent spirit of tradition. With its mild climate, timeless architecture, lush forests, and welcoming atmosphere, Czechia offers an unforgettable experience — a perfect blend of culture, nature, and history.