Journal of University of Shanghai for Science and Technology ISSN: 1007-6735

Comparative Study of Sources of Finance for Startups in Metro Cities

Sheetal Kalbande
Department of Business Management, Viday Vikas Arts, Commerce & Science College,RTMNU, Nagpur(MS.),India
E-mail: [email protected]

Rajvilas Karmore
Professor, Business Management Viday Vikas Arts, Commerce & Science College, RTMNU, Nagpur(MS.),India
E-mail: [email protected]

ABSTRACT
For the past few years, start-ups and budding entrepreneurs can be seen as flourishing in
India due to the rise of digital technologies. India is now home to the third-largest startup
ecosystem in the world with an increasing number of young entrepreneurs. Highly educated
graduates coming from lesser known institutions usually fall short of meeting employers’
expectations, thereby being compelled to either take up jobs for which they are
overqualified or being pushed into unsuccessful entrepreneurial pursuits The employability
factor is inadequate to accommodate all skilled graduates; therefore, the Indian youth is
motivated towards self-employment instead of relying on others. Rather, they start to take
the initiatives to look for new challenges and innovations which encourage and promote a
self-employment environment to create startup systems in India. The Indian Government
initiated many new schemes by the Central and State Governments to foster and assist
many innovative ideas into incubation. Due to the current pandemic, most start-ups face
financial issues to grow their business. Some of them are doing the best in their business
and some are struggling to find the milestones due to some problems. According to a recent
study, over 94% of startups fail during the first year of operation and more than 50% of
startups fail in their first 5 years out of which an estimated 38% of startups fail because
they run out of cash and fail to raise new, necessary capital.
The long painstaking yet exciting journey from the idea to revenue-generating business
needs a fuel named capital. This paper aims to understand the sources of finance for startup
companies and identify various options available to startups for appropriate funding.

Keywords: Startups, finance, funding.

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1. INTRODUCTION
Due to the startup revolutionization in India, India is now being ranked as one of the
fastest-growing economies in the world. With the surge in digitisation, the Indian
government has increased its focus on the technology industry. A favorable regulatory
environment, coupled with strategic government initiatives such as Digital India, Make in
India, and Production Linked Incentive (PLI) schemes, has paved the way for
unprecedented growth. As investments play a crucial role in the economic development of
any nation, there is a need to analyze the behavior of investors in start-up companies.
Unfortunately, maintaining this enthusiasm and momentum is challenging – especially if
you don’t have access to funding. Finding sources of finance can be tricky and, at times,
elusive. After all, traditional business loans require at least a year in business (or more).
Start-up companies need proper guidance for handling the investment for their profit. The
surge in the number of folios was an encouraging sign as many investors, irrespective of
their age, saw the potential of growing and creating wealth through equities. The
government also needs to plan the design of investment policies to sustain its business.
This investment may help them to decide whether to increase their profit or use it to
improve their business.

1.1 Startups/start-up

A start-up is an entrepreneurial venture which is usually a newly emerged, fast-

growing business that aims to satisfy a marketplace need by developing a viable business
model around an innovative product, service, process or platform. A start-up is typically a
corporation designed to effectively develop and validate a scalable business model. Start-
up companies can be of varied forms and sizes. Some of the crucial steps in the initial
stages of a start-up are to build a co-founder team to secure key skills, know how to manage
financial resources and other elements, and conduct research on the target market to
analyze the needs and gaps present in the market. Typically, a start-up will begin by
building a primary minimum viable product (MVP), a prototype, to validate, assess and

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develop new ideas or business concepts. Start-up investing is the act of making an
investment in an early-stage company (the start-up company). Beyond founders' own
contributions, some start-ups raise additional investment at some or several stages of their
growth. However, not all start-ups trying to raise investments are successful in their
fundraising.

1.2 Business plans for Start-ups Company

a business plan conveys your business goals, the strategies you'll use to meet them,
the potential issues that you may face and ways to solve them, the organizational structure
of your business (including titles and responsibilities), and finally, the amount of capital
required to keep it going. Financial section that contains income and cash flow statement,
balance sheet and other financial ratios, such as break-even analysis.

The start-ups can work out their investment plans based on the profit earned. At the
subsequent stages of their growth, the start-ups can initiate fundraising rounds beyond their
founders' own contributions. Various factors, including market size, company potential,
current revenues, and management determine valuations of these startups. Depending upon
the style of revenue generation or revenue sharing the ownership of the company can invest
their profit into different savings or ROI plans. Start-up companies need to check for
untested business models with a high degree of uncertainty. Different types of people
involved in start-ups are Incubators, Accelerators, and TBEDs. The Indian government
aims to build an ecosystem that promotes entrepreneurship at the start-up level and has
taken a number of initiatives to ensure that start-up businesses get appropriate support.
Different start-ups have different affecting parameters such as Mentorship/Guidance,
Market structure, Consumer behavior, and Location. Despite having raised good
investments, start-ups struggle to survive the competition. Effective cash management is
an important factor to achieve objectives both short term and long term.

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1.3 Cash flow and different plans of saving or investment

A small business needs the proper flow of cash management. But many think of
speedy scalability with an increase in profit as the main objective. Before analyzing the
different types of positive and negative cash flows from investing activities, it's important
to review where a company's investment activity falls within its financial statements.
Revenue generation is a vital entity for any start-up because usually, it takes more time for
sales and towards initial setup years. Forecasting plays an important role in better financial
control. The monthly forecasts act as a budget for general, administrative, and sales
expenses and help to assess the effect of quarterly tax payments on cash flow.

Cash flow is often utilized using different saving schemes like Fixed deposit, ELSS,
Shares, Venture Capitalists or mutual funds. Cash flow gives two options: savings and
investments. Fixed deposits help for keeping the cash within the account with the security
to withdraw at any moment of your time. Investors are advised to consult their tax mentors
in sight of the individual nature of tax benefits. Experts suggest that the simplest way to
save taxes is by investing in Equity Linked Savings Schemes (ELSSs). But don't think that
just putting the specified amount in an ELSS fund assures your well-being. Mutual funds
channel the investments of retail investors into the stock exchange while mitigating the
danger. Venture Capitalists create a fund using other people’s money.

1.4 Startups company from metro cities

Metro cities are most entitled to investing in different investment or saving schemes
due to the fluctuation of money. Tier II and III cities now offer improved infrastructure at
lower costs compared to Tier I cities. The remote-first approach along with the rise of
managed office and co-working spaces have led to the mushrooming of startups in sectors
such as healthcare, agritech, socialtech, and ruraltech. Most startup companies handle their
service from urban/two-tier cities. Cities like Mumbai and Nagpur are metropolitan cities
with all the facilities for handling money transactions. Most founders believe that they
need to migrate from a Tier 2/3 city to a Tier 1 city to effectively raise funds. Different
saving or investment schemes for startup companies may help to make decisions for taking

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risks or for getting benefits. A startup company requires guidance to handle their income
to use in the downstream situation. Similarly, this money can be helpful for them to invest
in increasing their business. As a growth-seeking investor, it is required to achieve a good
overall return on investment while avoiding the most speculative areas of the market.

Today most of the incubators are built up with financial support from various grants
by Govt. of India. Many states are having incubators ready at their educational premises.
These incubators provide mentoring, financial support and administrative support to many
small ranges to medium-range start-ups. They may support their investment with various
financial resources.

2. REVIEW OF LITERATURE

The review of related literature is carried out to investigate the past efforts taken within the
subject of choice. Furthermore, to know the methodologies adopted to perform the studies and to
find out the research gap. The review of the literature is as follows-
According to Aidin and Kesim (2015) start-ups are newly born companies struggling for their
existence. They came up with brilliant ideas and put the effort in growing.
Suominen et al., (2017) address whether software start-ups differ if the company has early-
stage investments and what's this relationship with the company being active later [6]. They have
carried out a survey of over 1,000 Finnish companies founded during 2010–2013 and the results
show that investment companies are different from non-invested companies, but revenues are higher
for the latter.
Bertoni et al., (2015) study the investment patterns of various sorts of investments. that covers
1663 first VC investments made by 846 investors in 737 young high-tech entrepreneurial ventures
in seven European countries. Study findings indicate that in terms of investment patterns,
governmental VC investors appear to be the most distinct sort of VC investor.
Innovation within the biotechnology sector depends on the expensive infrastructure universities
or large pharmaceutical companies provide. Grohn et al., (2015) examine the biotechnology start-
up and review strategies that the founding team has successfully employed to determine a reasonable

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laboratory and reduce research expenses. Corporate structuring strategies to scale back risk and give
stability are also discussed.
Fleming (2015) described that several recent trends in early-stage venture capital funding are
influenced by regulatory and reimbursement policies. Policymakers can foster renewed private
investment into critically needed early-stage products by increasing Small Business Innovation
Research (SBIR) funding and public support for clinical trials in targeted areas of interest; creating
regulatory pathways to enable early testing of experimental compounds in limited populations, and
offering economic incentives for investors and developers in designated therapeutic areas.
According to Rosenberg and Marron (2015) the tax system requires varying tax rates on
investments in several activities, favors debt over equity and favors pass-throughs over corporations.
Targeted tax incentives can lower the price of capital for small businesses, start-ups, and people that
invest in intellectual property.
In developing countries, Women entrepreneurs can make a big impact on economic and social
development globally. But the challenges entrepreneurial women face are unique and multiple,
pressing the necessity for research and policies to maximize impact. Kuschel et al., (2017) discussed
the challenges women start-up founders face to secure funding within the technology industry. There
are two factors that affect women entrepreneurs in raising capital and in facing the subsequent
challenges: first, working in a non-traditional field for women, because it is the technology industry,
and second assuming a leadership role as start-up founders. The findings show that women
entrepreneurs, but also men, seeking start-up financing and alternatives are a viable source of
employment and economic sustainability.
The research paper focuses on the problem faced by software start-ups during their early
progress phases. The problems were intended to be judged on the assumption that the lack of
software quality assurance practices is the reason for several hurdles in the way to the progress of
the start-ups with limited sources, rush to the market, and other subjective situations (Saadullah
Aleem et al.,2021).
The research offers the chance to start dispatching the role of curriculum and business
incubator, which should not only be limited to its incubation phase but also pre and post-incubation
(Tri Anggoro Wiradinata et al.,2019).

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The research results show that business skills, entrepreneurial environment, and individual
norms either directly or indirectly affect the business motivation and entrepreneurial intention of
university students. Thus, it is suggested that universities and other educational institutions should
provide more activities and teach courses that help scholars acquire the information and skills
necessary for entrepreneurship (Do Thi Minh Hue et al.,2022).

3. RESEARCH PERSPECTIVE

From the research point of view, such a study will help in developing and expanding knowledge
of investment in urban cities. This behavioral analysis will help the government of Maharashtra to
develop new plans specifically designed for startup companies for their income investment plans.
In order to examine the issues raised above, the following will be the objectives of the study:
a. To study the influencing factors for investment policies for startups
b. To identify and relate information or knowledge used by start-ups to select investment
policies.
c. To perform statistical analysis on behavioral features to select appropriate investment
policies by start-ups in metro cities
Apart from deciding the precise entity for registering your startup and going through the
unwieldy procedure of following the numerous regulatory compliances, getting your startup
sponsored is a key aspect that needs noteworthy time and effort. Since the mid-2000s, start-ups
have progressively become the powerful force of new jobs and development engines for advanced
countries, and developing nations are endeavoring to vitalize start-ups through active government
support policies. However, approximately 30% of start-ups shut down within a few years of their
foundation. Accordingly, this study determines the factors affecting a selection of appropriate
investment policies of start-ups as based on available government support and provides suggestions
to increase the effectiveness of government-supported projects. This study conducted a survey of
around 75 start-ups in Mumbai and Nagpur and empirically analyzed the best suitable investment
policies for start-ups. Start-ups choose the following options: Friends and Family, Banks and
Government Agencies, Angel Investors and Networks, Accelerator Incubators, and Venture Capital
Firms for the funding.

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3.1 Research methodology

The research methodology includes the research design and the specific procedures used in
conducting the study. This includes information regarding research design, sample selection,
research instrument and its development, data collection method, and methods of data analysis.
The following are the methods used for performing research:
a. Research Design: Research revolves around startup companies; hence the literature survey
focuses on the business policies of startup companies. Hence descriptive research design
will be used in study because it will help to cover all the aspects included in the title and
objectives of the study. In addition to this, survey methodology will be used to collect the
data.

b. Sample: This study attempts to study the behavioral pattern of start-ups towards important
investment avenues. Therefore, it would be conducted over an extended period having both
ups and downs in the environment of the market with a sample size of 75 from the urban
city Mumbai (50) and Nagpur (25) only.

c. Snowball sampling Method: Snowball sampling (or chain sampling, chain-referral

sampling, referral sampling) is a nonprobability sampling technique where existing study
subjects recruit future subjects from among their acquaintances. It doesn’t have the
probability involved, with say, simple random sampling. Snowball sampling consists of two
steps as specified:
1. Identify potential subjects in the population. Often, only one or two subjects can be
found initially.
2. Ask those subjects to recruit other people (and then ask those people to recruit.
Participants should be made aware that they do not have to provide any other names.

d. Data Collection: The study is a blend of both primary and secondary data. Secondary data
will be collected from web sites of respective investment schemes. The primary data required for
the study will be collected using a detailed interview schedule/questionnaire from investors

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respectively.
Data analysis & interpretation: Data analysis will be done using various software such as MS
Excel, SPSS etc The collected data will be analyzed by using various statistical techniques which
include Percentage Method, Rank correlation, Z-test, and SWOC analysis (Strength, weakness,
opportunities, and challenges)
Fundraising is a long and tiring experience everywhere and Mumbai and Nagpur are no
exception.
1. Venture Capital finance is biased towards software endeavors because of larger business
models, exit as well as growth opportunities. Financing in other sectors is not tracked in the
same manner. From a Big investment point of view, venture capital is just an alternative
investment asset class and the 'show me the money law applies. Investors want profits.
Possible extra-large growth leading to 4–10x returns in 4–10 years era is what drives most
investing decisions. Venture capital is 'growth financing' i.e. cash to scale and raise an
already verified business that has happy paying customers. No traction means no growing
money. Angel and Venture capital are two different investors with diverse dimensions and
investment objectives. Timing matters. VC finance is recurrent. VCs raise capital from rich
people who make money in market events.
2. Most start-ups raise money from friends and family. But the best way to get funding is to
find a market where you can recapitulate ideas economically and build a customer base.
Identifying the right sector is important. Once you have a substantial number of satisfied
repeat customers, paying a customer base smart money will find you.
3. People with the right testimonials and connections can nurture millions based on just a
vision but that will not work for the rest 95% of first-time founders. You need something
far more real.
4. Investment is negotiation. Devote time to realize your needs, your opportunities and that of
another side. With precise reasons, investment raising can be at all or any phase of
endeavors. Each phase has its own entrance and departure benchmarks. Understand what
phase your venture is and what financiers expect from that phase. We have fewer VC deals
because people investing in Mumbai and Nagpur start-ups are not able to exit from their

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past investments. What the ecosystem needs is exits and smart money (the founder who
made big and now investing).

4. Survey Summary
During the pandemic period from June 2019 to Dec 2020, we conducted an online survey for
75 small and medium size startups in Mumbai and Nagpur. The following sections show the analysis
with questions asked, responses received, and analysis.

Fig. 1. Were you trained to be an entrepreneur?

1. When asked whether any training was given to be an entrepreneur, 64/75 people responded
No. It depicts that there is a high chance that people might be unaware of efficient financial
planning with the help of different funding available in the market.

Fig. 2. Are you aware of government funding schemes for Startups?

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Further, when asked about the awareness of the availability of government funding schemes for
start-ups, 37 responded “No” and 26 responded “Yes”. This shows that many people are not yet
fully aware of such schemes, and this calls for an efficient system to promote the existing beneficial
schemes in the market, as well as to design and plan out new schemes.

Following are some of the funding schemes identified by the survey:

a. NIDHI SSS (Seed Support System)
b. STP (Software Technology Park) Scheme
c. PMMY (Pradhan Mantri MUDRA Yojana)
d. DST (Department of Science & Technology) Schemes
e. NIDHI PRAYAS (PRomoting and Accelerating Young and ASpiring technology
entrepreneurs)
f. NIDHI EIR (Entrepreneur-in-Residence)
g. MSME (Ministry of Micro, Small & Medium Enterprises) Schemes
h. NSTEDB (National Science & Technology Entrepreneurship Development Board)
Schemes
i. Startup India
j. MSInS (Maharashtra State Innovation Society) Schemes
k. NSIC (National Small Industries Corporation) Single Point Registration Scheme
l. CRG (Core Research Grant)
m. EMR (Extra Mural Research Funding)
n. CBI (Central Bank of India) Cent Kalyani
o. Venture Capital Scheme
2. The problems faced by the start-ups:

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Fig. 3. What are the main problems faced by a startup?

As can be observed by the above graph, finding sources of capital accounts for the highest
percentage (71%) of distribution among all the other problems faced by start-ups. Other major
problems being marketing of the product (52%) and finding the right employees (45%).

3. Distribution of the funding options selected by the start-ups:

Fig. 4. Which of the following funding potions did you select for your startup?
The majority of the people (67%) consider friends and family as the funding option for the
business. Following which there are other options such as banks, government agencies, angel
investors and networks. It is evident that almost no or very little percent of people self-fund their
businesses or are bootstrapped.

4. Whether start-ups find funding scheme beneficial or not :

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Fig. 5. Do you think the funding scheme is beneficial for your Start-up?
50/75 people finds funding scheme beneficial for their start-up for some of the following reasons:
1. It provides the capital required to prove the product and helps to raise further rounds of
funding.
2. It helps boosting business
3. It helps to pay for resources and staff and file patent globally
4. It helps to raise funding
5. It enables us to fulfill our requirements and create a good team.
6. It motivates me to work harder without worrying much about financial planning.
7. It encourages expansion and development of the startup.
8. Government schemes can invest in innovative ideas which may seem too risky for retail
investors
9. It gives a head start and helps to grow and compete with already existing players in the
market.
10.It encourages entrepreneurs to focus on other domains like development and invest in the
best resources to make it successful without worrying about finance.
11. Startups require high growth which results to a lot of cash burn, without funding it is
difficult to sustain such high growth
12.It helps the company to experiment and grow.

25/75 people find it not beneficial for their start-ups for the following reasons :

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1. The system is not transparent

2. A lot of criteria are required to be matched
3. Capital funding is too less
4. Majority of the schemes are sector-specific. One’s startup might not directly fulfill
those criteria.
5. The scheme is available only for research carried out in academic settings
6. Has too many conditions to avail.
7. Fickle Government Guidelines

5. Problems faced while receiving funding :

Adequate funding allows startups to hire talented individuals, develop and refine their
products or services, conduct marketing campaigns, and expand their customer base. Without
sufficient capital, startups may struggle to survive or miss out on growth opportunities.
Finding the right source for startup funding is complicated. Every source has its own
limitations, processes, and challenges. Following challenges were most faced by startups:

i. Winning trust
ii. Requirement of immediate marketable product
iii. Selling the pitch and convincing the investors that the project will work as the market
is huge and some feel that idea already exists.
iv. Explaining future scope and convincing investors that the business model is profitable
v. Tough competition in the market
vi. Need to pitch down the idea at multiple seminars and investment sessions and
convince them with a full proof plan.
vii. Lack of startup experienced individuals in the incubator panel which might lead to
tedious and unfair funding.
viii. Marketing product, fundraising, networking, and investor hunting, difficulty to
connect with resourceful people

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ix. Years of savings needed to bootstrap

x. Choosing the right source for funding and understanding the process, rules, and
regulations involved in it
xi. It is difficult to gather initial funding when the product is not ready or is still in the
early stages. Early days are filled with a lot of bumps and keeping investors'
confidence is crucial.
xii. Venture Capital firms require a minimum revenue for funding. Revenue-based
funding options have high interest. Bank loans have high interest. Most of them
require 2-3 years of financial statements for funding.
xiii. Need to build a strong network based on trust and belief in the potential of your idea
xiv. Explaining risk to-return ratio to family specifically, increasing investment after every
financial year, in 2020 specifically the turnover and profit margins dropped, and
increasing investment in the very next financial year was hard to convince

5. Conclusion

Survey shows that most of the start-ups are self/family funded with a partial workforce who
makes it tough to preserve records both financial and operational. Imperfect business models
and lack of pioneering revenue strategies have led to the catastrophe of a large number of
start-ups, and they are involuntary to shut down operations. Overcoming gratuitous business
steps to manage business operations. Capital and access to capital have been persistent
problems for start-ups. Government and private sector investors have put aside capital
through venture channels but they're not accessible for all sorts of business. The leading
problem for such organizations has been to fascinate investors and gain their reliance
concerning their mode of operations. Within the preliminary phase of operations, start-ups
don't get capital from banks given no credit history of the firm. Additionally, there's an
inadequate number of credit score firms for start-ups. Despite having elevated worthy
investments, start-ups struggle to continue the competition. Start-ups are unable to alleviate
the gap between burn rate and income. Effective money management is a crucial skill to

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achieve goals both short term and long term. Both the investor and the entrepreneur are now
more deliberately concentrating on innovation, money efficiency, and client/customer
satisfaction, a view which is bound to impact the investment scenario henceforth ( Blessy
A.Varghese ,2019).

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[12] Marron, Donald & Rosenberg, Joseph. (2015). Tax Policy and Investment by
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