Minister of State for IT Rajeev Chandrasekhar tweeted Said, “Startups are an important part of the Indian economy. I will be meeting with startups this week to understand their impact and help the government can provide.” India is one of the biggest markets for startups in the world. In the last few years, many startups in India have achieved a valuation of more than one billion dollars. Foreign investors have invested a huge amount in this. The bankruptcy of SVB has affected the markets across the world. Due to this, there has been a huge fall in the prices of banking shares.
Two partners at an Indian venture fund and a lender to startups told Reuters they were checking with their portfolio companies whether they had funds in SVB and whether it constituted a substantial part of their total bank balance. Consumer Internet startups that have received large funding in recent years have had little impact because they do not have an account with the SVB or have very little funding in it. Ashish Dave, CEO of Mirae Asset Venture Investments Tweet “I have spoken to some founders and it is very bad. SVB is the default bank for Indian founders starting firms in the US. For growth startups, the situation is better because they are diversified. ”
Software firm Freshworks reported that funds in SVB are very small compared to its total balance sheet. Freshworks explained, “As we grew, we began dealing with large and diversified banks such as Morgan Stanley, JP Morgan and UBS. The majority of our cash and securities are not held in SVB.” Along with this, the firm said that there is no possibility of any difficulty for its employees or customers.
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