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New Delhi, Mar 14 () Union Minister of State for Electronics and IT Rajeev Chandrasekhar on Tuesday interacted with over 100 startups and venture capitalists (VCs), and assured them that the Narendra Modi government is “laser focused ” on helping new businesses navigate. through the current global banking crisis.
Chandrasekhar discussed key issues related to the collapse of Silicon Valley Bank (SVB) with startups and shared how PM Modi’s government is “laser focused on ensuring that all startups navigate through this storm”.
“India’s banking system is reliable and robust and startups must start using it,” Chandrasekhar told them.
Startups that took part in the virtual meeting with the minister included innovative analytics platform Hatica, no-code business intelligence (BI) tool Tersho, new age investment platform Zoth and more, while Blume Ventures, Truly Financial and Mirae Asset were among VC and financial. service companies attended the meeting.
The collapse of SVB in the US had left India’s startup ecosystem worried. According to reports, more than 1,000 Indian startups may get exposure to the bank.
According to recent data from global software-as-a-service (SaaS) market intelligence platform Tracxn, SVB had exposure in at least 21 startups in India although it did not disclose the size of the investment in the these new businesses.
The leading venture capitalist (VC) firms also issued a joint statement on the collapse of SVB, one of the largest US banks serving the global startup community, saying they were “deeply disappointed and anxiety”.
US President Joe Biden on Monday calmed a world alarmed by the collapse of the SVB, promising to protect depositors’ money and fire the bank’s management.
“Your deposits will be there when you need them. Small businesses across the country that have deposit accounts at these banks can breathe easier knowing they will be able to pay their employees and pay their bills,” he said.
(This story has not been edited by The Kashmir Monitor Staff and is auto-generated from a syndicated feed)