MoS IT estimates over $1 bn exposure of Indian startups to SVB,Union Minister Rajeev Chandrasekhar on Thursday said deposits close to USD 1 billion attributable to Indian startups were with the US-based Silicon Valley Bank.The failure of Silicon Valley Bank SVB, which was a key funding source for startups, has sent shockwaves across the global financial system.During a Twitter live session, Chandrasekhar said he heard that over USD 200 million of startups deposits have been transferred to GIFT City bank.I had kind of very empirically and anecdotally calculated that there was more than a billion dollars of startups capital as deposits.
MoS IT estimates over $1 bn exposure of Indian startups to SVB
Union Minister Rajeev Chandrasekhar on Thursday said deposits close to USD 1 billion attributable to Indian startups were with the US-based Silicon Valley Bank.The failure of Silicon Valley Bank SVB, which was a key funding source for startups, has sent shockwaves across the global financial system.During a Twitter live session, Chandrasekhar said he heard that over USD 200 million of startups deposits have been transferred to GIFT City bank.I had kind of very empirically and anecdotally calculated that there was more than a billion dollars of startups capital as deposits.
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