New Delhi: 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 will help startups navigate through the current global banking crisis. Laser focused on doing. Chandrasekhar discussed with startups the key issues related to the collapse of Silicon Valley Bank (SVB Bank) and shared how the PM Modi government is laser focused on ensuring that every startup is navigating through this storm.
Chandrasekhar said, the Indian banking system is reliable and robust and startups should start using it. Startups that participated in the virtual meeting with the minister included innovative analytics platform Hatika, no-code business intelligence (BI) tool Teshare, new age investment platform Joth and more, while VC and financial services firms Bloom Ventures, Trully Financial and Mirae Asset, who attended the meeting.
The collapse of SVB in the US has worried the Indian startup ecosystem. According to reports, more than 1,000 Indian startups may have exposure to the bank. According to recent data from Traxon, a global software-as-a-service (SaaS)-based market intelligence platform, SVB had exposure to at least 21 startups in India, though it did not disclose the size of investments in these startups.
Top venture capitalist (VC) firms issued a joint statement on the collapse of SVB, one of the largest US banks serving the global startup community, saying they are disappointed and concerned.
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