The failure of Silicon Valley Bank (SVB), a key startup funding source, has sent shockwaves across the global financial system. Union Minister Rajeev Chandrasekhar on Thursday said deposits close to $1 billion attributable to Indian startups were with the US-based Silicon Valley Bank.
During a Twitter live session, Chandrasekhar said he heard that over $200 million of startup deposits had been transferred to GIFT City bank.
“I had somewhat empirically and anecdotally calculated that there were more than a billion dollars of startup capital as deposits. According to some, this is a conservative estimate. There were deposits in SVB that are attributable to Indian startups close to a billion or more,” the Minister of State for Electronics and IT said.
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