[ad_1]
Silicon Valley Bank in America After the collapse of SVB (SVB), the concerns of the Indian startup ecosystem have increased. Union Minister of State for Electronics and IT Rajeev Chandrasekhar on Sunday said he will hold a meeting with startup founders and CEOs next week to see what the government can do to help them during the crisis. The collapse of the bank could affect many startups in India who have invested in it or put their money. The closure of SVB is definitely a wake up call for startups across the globe, Chandrasekhar said in a tweet. Startups are an important part of the Indian economy.
They will know how to help the government
The minister said that he will hold a meeting with 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 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.
Jobs of more than 100,000 employees at risk
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 workers could lose their jobs.
Over 1,200 CEOs wrote letters
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. 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. Reportedly, 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 at SVB.
[ad_2]
Source link