SVB collapse; Minister Rajeev Chandrashekhar to hold meeting to assess government support
The collapse of Silicon Valley Bank (SVB) in the US has left the Indian startup ecosystem anxious, as several Indian startups have invested in the bank. Union Minister of State for Electronics and IT, Rajeev Chandrasekhar, has announced that he will hold a meeting with the startup Founders and CEOs next week to understand the impact of the collapse on them and to see how the Indian government can support them during this crisis.
"The @SVB_Financial closure is certainly disrupting startups across the world. Startups are an important part of #NewIndia Economy," Chandrasekhar said in a tweet.
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, though it did not disclose the size of the investment in these startups. Top venture capitalist (VC) firms have also expressed their concern about the collapse of SVB, which served more than 2,500 venture capital firms.