China’s SaaS providers cut costs as VC funding for the sector dries up

China’s SaaS providers cut costs as VC funding for the sector dries up

FILE PHOTO: A man walks in the Central Business District on a rainy day, in Beijing, China, July 12, 2023. REUTERS/Thomas Peter/File Photo

China’s cloud software vendors are feeling the brunt of the sharpest drop in venture capital (VC) investment in the sector in a decade, with many rushing to cut prices or costs to tide them over.