svb crisis

Immediate action by the government to help Indian startups in the aftermath of Silicon Valley Bank (SVB) collapse ensured they were not adversely impacted by the "minor crisis", Union Minister Ashwini Vaishnaw said on Monday. He also exhorted the entire startup community to think of the Indian banking sector as their trusted partner. Vaishnaw, Minister for IT and Communications, also noted the rapid strides taken by India in areas of Artificial Intelligence (AI) and quantum computing. Speaking at India Global Forum…

After a weekend of intense discussions over the future of SVB, US regulators unveiled an emergency funding plan that gave the bank's customers access to all their depositsNot long after California startups started pulling money out of troubled Silicon Valley Bank, entrepreneurs in other parts of the world woke up to the news."Around 90% of our cash was in SVB," said Sam Franklin, 28, a London-based chief executive whose recruitment firm Otta specialises in tech talent. He ditched weekend "life admin" to figure out how to…

Not long after California startups started pulling money out of troubled Silicon Valley Bank, entrepreneurs in other parts of the world woke up to the news."Around 90% of our cash was in SVB," said Sam Franklin, 28, a London-based chief executive whose recruitment firm Otta specialises in tech talent. He ditched weekend "life admin" to figure out how to pay his employees at the end of the month.In Hong Kong, Florian Simmendinger, cofounder and CEO of Hong Kong wearable company Soundbrenner, missed the start of the panic…

After a tense weekend, some relief came for Indian startups after US regulators said depositors with Silicon Valley Bank (SVB) will have access to all their money starting Monday. However, these startups are now looking for ways to withdraw their funds from SVB and transfer it to other banks.This and more in today’s ETtech Morning Dispatch.Also in this letter: ■ Infosys top level exits concerning but long-term stability expected, say analysts■ IT services growth no longer linked to US economy, McKinsey leaders say■…

Several Australian and New Zealand tech firms said on Monday they did not have material exposure to Silicon Valley Bank following the failure of the U.S. startup-focused lender SVB Financial Group last week. Australian Treasurer Jim Chalmers said the government was aware some Australian firms have been impacted but added the country's "institutions are solid (and) our banking sector is well-capitalised." "We are closely monitoring the situation and potential impacts for Australia," Chalmers said in a statement.…

The sudden collapse of California-based Silicon Valley Bank has impacted several Indian startups. Now the central government is planning to meet representatives from these startups after the firms had requested for an intervention, top officials told ET.This and more in today’s ETtech Morning Dispatch.Also in this letter: ■ EV makers meet Govt officials over mispricing allegations■ Stakeholders in favour of keeping the safe harbour in Digital India Bill■ How Indian IT firms are leveraging Generative AIIndian government to…

Can Washington come to the rescue of the depositors of failed Silicon Valley Bank? Is it even politically possible?That was one of the growing questions in Washington Sunday as policymakers tried to figure out whether the U.S. government - and its taxpayers - should bail out a failed bank that largely served Silicon Valley, with all its wealth and power.Prominent Silicon Valley personalities and executives have been hitting the giant red "panic" button, saying that if Washington does not come to the rescue of Silicon…

Famed accelerator Y Combinator, which has backed more than 200 startups in India, has submitted a petition to the US Treasury Secretary Janet Yellen, seeking relief and attention over the collapse of Silicon Valley Bank (SVB), which has led to deposits of hundreds of startups banking with the California-based lender to be frozen.The petition, written by Y Combinator president Garry Tan, has been signed by over 3,500 CEOs and founders. The signatories also include almost two dozen startups with a base in India. In the…

The collapse of Silicon Valley Bank (SVB), the largest vendor in the startup ecosystem, is likely to adversely impact the Indian startup scenario as well as it has injected a lot of uncertainty in the sector overnight, say industry experts."Hopefully the matter will get resolved, but I think it is a big hit for Indian startups," Ashu Garg, a prominent Silicon Valley-based venture capitalist and early-stage investor for over two decades, said. California-based SVB, the 16th largest bank in the United States, was closed on…

We have been covering the India impact of the Silicon Valley Bank shutdown which has created panic across the tech world. Here are the must-reads to keep you up to speed on the unfolding SVB saga.Nearly 60 YC-backed Indian startups have deposits stuck in Silicon Valley Bank: The spillover of the collapse into India’s startup ecosystem is becoming more evident, with several early and mid-stage ventures that were banking with the California-based lender finding themselves in a cash crunch for daily expenses such as payroll…