Modi-led govt laser focused to help startups

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 is laser focused on helping startups navigate through the current global banking crisis.

Chandrasekhar discussed key issues related to the collapse of the Silicon Valley Bank (SVB) with startups and shared how the PM Modi government is laser focused on ensuring that every startup navigates through this storm. The Indian banking system is trusted and robust and startups must start using it.”

Among startups that participated in the virtual meeting with the minister were 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 services firms which attended the meeting.

The collapse of SVB in the US had left the Indian startup ecosystem worried. According to reports, more than 1,000 Indian startups may have exposure to the bank.

According to recent data by global software-as-a-service (SaaS)-based market intelligence platform Tracxn, SVB had exposure in at least 21 startups in India although it did not reveal the size of the investment in these startups.

Top 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 are deeply disappointing and concerning.”

US President Joe Biden on Monday calmed an alarmed world over the SVB collapse, vowing to protect depositors’ money and fire the bank 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'll be able to pay their workers and pay their bills,” he said.