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Silicon Valley Bank Collapse: By the end of this week, it has proved to be very bad for the banking world. On Friday, the last trading day of the week, the news of the sinking of Silicon Valley Bank, one of the largest banks in America, came to the fore, due to which investors around the world have become lightheaded. It is feared that the sinking of SVB can have a big impact on many companies of the world.
Paytm CEO denied
Many startup companies in India can also be affected by the sinking of SVB. There were speculations that Paytm’s name could also be found in the affected startup companies. However, Vijay Shekhar Sharma, founder and CEO of Paytm, put an end to these speculations on Saturday. He made it clear that now Silicon Valley Bank has no stake in Paytm.
Investment was done in the first round
Sharing a newspaper clipping, Sharma tweeted that even though Silicon Valley Bank was one of the early investors in Paytm, it no longer holds any stake. He said that Silicon Valley Bank had also funded the first round of investment for Paytm’s parent company One97 Communications. That investment helped Paytm grow from a telco VAS company to the fintech company it is today.
SVB has exited
He further told that Silicon Valley Bank had exited Paytm long back by selling stake to other private investors. Silicon Valley Bank had also earned a decent profit on its investment of just $1.7 million. Denying the news, he said that Silicon Valley Bank is neither an investor in Paytm now, nor has the amount mentioned in the news been invested.
This thing was in the news
In the news attached with the tweet, a list of companies in which Silicon Valley Bank is allegedly invested has been given, quoting Tracon. It has been told that the investment of Silicon Valley Bank in Paytm is $ 4,637 million. Apart from this, parent company One97 Communications and Paytm Mall are also named in the list. There are many other startups of India in the list as well.
read this also: Effect of Silicon Valley Bank crisis, now how will these startups pay salary to the staff?
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