"Prepare for a funding winter for startups" that is the warning coming from Gaurav Munjal, co-founder and CEO of online learning platform Unacademy.
"Some people are predicting that this might last 24 months. We must adapt. This is a test for all of us. We must learn to work under constraints. We must focus on profitability at all costs/" Munjal reportedly told employees.
Startups are now singing a different tune where valuations are taking a backseat and cash flow and profitability buckle up in the driving seat.
Munjal said that the company has "significantly reduced our brand marketing budget," and "we will focus on organic growth channels instead".
Munjal emphasised on the as set out a new strategy "Every test prep category that we run must become profitable in the next 3 months. Unacademy centres should be profitable in FY'23," he added.
From Sequoia to Y Combinator, kingmakers of Silicon Valley have raised the red flag for startups as the global dynamic continues to turn dramatically for the worse.