The number of startups that have shut shop fell by a whopping 73% in 2023 compared to 5,640 in the previous year.
According to data provided by Tracxn, only 1,514 startups have ended up in the 'dead pool' euphemism for shutting down in the startup world in 2023 and one startup went belly-up so far this year.
In 2021, the number was 4,424 Some of the companies that ended in the dead pool in the past years include Zipgo, Niki, GramFactory, Crejo. Fun, FoodyBuddyCherryTin, FrontRow and Crater.Club, among others.
Market experts believe that these are signs that the industry is maturing and access to capital continues.
"The decline in startups closing shop is a testimony of a strong ecosystem. There is an increase in access to capital, reducing risk of failures.
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