India's largest technology startups went on an overdrive in the last financial year backed by robust venture funding, according to a study by VCCircle. This marked a rebound from a turbulent FY21 when startups reined in their cash burn as the pandemic disrupted businesses and forced them to review their expenses while strict lockdowns added an unexpected tailwind to digital ventures.
The study, which captured the financials of the 50 tech and tech-oriented startups, which bagged the most funding, showed that their aggregate revenues more than doubled to ₹82,406 crore (nearly $11 billion at the time) for the year ended 31 March, 2022.
Earnings before interest, taxes, depreciation and amortization (Ebitda) loss, considered as a proxy for cash burn, more than doubled to ₹30,304 crore or around $4 billion during the year. Aggregate net loss, too, shot up in tandem to ₹37,751 crore or around $5 billion in FY22.
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