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SVB collapse: Minister to meet Indian startups to see how govt can help them
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IANS | 12 Mar, 2023
As the collapse of Silicon Valley Bank (SVB) in the US left the Indian
startup ecosystem worried, Union Minister of State for Electronics and
IT, Rajeev Chandrasekhar, on Sunday said he will hold a meeting with the
startup Founders and CEOs next week to see how the government can help
them during the crisis.
The bank's collapse is going to
impact several startups in India which have exposure to its investments
and have parked their funds in the bank.
"The @SVB_Financial
closure is certainly disrupting startups across the world. Startups are
an important part of #NewIndia Economy," Chandrasekhar said in a tweet.
The
minister said he will meet with the Indian startups next week "to
understand the impact on them and how the Narendra Modi government can
help them "during this crisis."
According to recent data by
global software-as-a-service (SaaS)-based market intelligence platform
Tracxn, SVB had exposure in at least 21 startups in India although it
did not reveal the size of the investment in these startups.
Top
venture capitalist (VC) firms have also issued a joint statement on the
collapse of SVB, one of the largest US banks serving the global startup
community, saying they are "deeply disappointing and concerning".
According
to reports, SVB was a bank to more than 2,500 venture capital firms,
including Lightspeed, Bain Capital and Insight Partners.
On Friday, the US Federal Deposit Insurance Corporation (FDIC) took control of the SVB's $175 billion in customer deposits.
US-based
technology startup accelerator Y Combinator, which has invested in
thousands of startups, including at least 200 from India, has written a
petition to US Treasury Secretary Janet Yellen and others, asking them
to prevent further shockwaves that could lead to financial crisis and
layoffs of more than 100,000 workers.
Over 1,200 CEOs and
founders representing over 56,000 employees have already signed the
petition, written by Garry Tan, CEO and President of Y Combinator, to
save startups and hundreds of thousands of jobs.
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Import |
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US Dollar
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89.35 |
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| As on 12 Oct, 2024 |
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