[ad_1]
SVB Crisis: After the collapse of Silicon Valley Bank (SVB) in the US, the concerns of the Indian startup ecosystem have increased. Union Minister of State for Electronics and IT Rajeev Chandrasekhar on Sunday said that he will hold a meeting with the founders and CEOs of startups next week to see what the government can do to help them during the crisis. The collapse of the bank may affect many startups in India who have invested in it or put their money.
Minister of State for IT Rajeev Chandrasekhar tweeted
Chandrasekhar said in a tweet, the closure of SVB is certainly a wake-up call for startups across the world. Startups are an important part of the Indian economy. The minister said that he will be meeting with Indian startups next week to understand the impact on them and what they can do during this crisis. Narendra Modi How can the government help them.
The @SVB_Financial closure is certainly disrupting startups across world .
Startups are an imp part of #NewIndia Economy.
I will meet wth Indian Startups this week to understand impact on thm n how @narendramodi govt can help durng this crisis.#IndiaTechade @PMOIndia pic.twitter.com/1HLTwAs9IF
— Rajeev Chandrasekhar 🇮🇳 (@Rajeev_GoI) March 12, 2023
SVB has exposure to at least 21 startups in India
According to recent data from Traxon, a global software-as-a-service (SaaS)-based market intelligence platform, SVB has exposure to at least 21 startups in India, though the size of the investment was not disclosed. Top Venture Capitalist (VC) firms have issued a joint statement on the collapse of SVB, one of the largest US banks serving the global startup community, saying it is disappointing.
FDIC controls SVB deposits
According to reports, SVB was a banker of over 2,500 venture capital firms, including Lightspeed, Bain Capital and Insight Partners. On Friday, the US Federal Deposit Insurance Corporation (FDIC) took control of $175 billion of deposits in SVB.
Letter to US Treasury Secretary Janet Yellen
US-based technology startup accelerator Y Combinator, which has invested in at least 200 startups from India, has written a letter to US Treasury Secretary Janet Yellen and others, asking them to prevent further exposure that could lead to a financial crisis. And more than 100,000 employees may lose their jobs. More than 1,200 CEOs and founders representing more than 56,000 employees have signed a letter written by Y Combinator CEO and President Gary Tan calling for startups and hundreds of thousands of jobs to be saved.
read this also
[ad_2]
Source link