Even though the Indian government has been trying its best to ensure sustained funding for startups, a large number of internet-based startups are yet to get any formal funding in the form of business grants, loans or lines of credit, a survey said here on Thursday.
A dipstick survey of bootstrapping 2,925 internet startups by the Internet and Mobile Association of India (IAMAI) suggested that this shortage of funds persists despite nearly 74% of them leveraging mobile technologies to scale up their businesses.
The survey was conducted in the cities of Jaipur, Hyderabad, Ahmedabad, Pune and New Delhi.
The survey found that while a majority 74% of the respondents are leveraging mobile technologies to boost their businesses, 12% of the respondents had completely mobile-based products.
“Very few of the respondents had any kind of…