Indian companies reportedly withdrew close to $300 million from the collapsed Silicon Valley Bank (SVB) after the Joe Biden government in the US permitted depositors to do so starting on March 13.
According to information provided by sources, domestic startups have handled fund transfers "worth $250-300 million in the past 24 hours," according to The Financial Express. Industry experts claimed that because SVB has still not begun direct international transfers, businesses must first register new business bank accounts in the US in order to transfer the funds.
The US SVB collapse concerned the Indian startup ecosystem. There was a good chance that more than 1,000 Indian startups have exposure to the SVB. Tracxn, a global SaaS-based market intelligence platform, recently released data that showed SVB had exposure to at least 21 startups in India, however, it withheld the amount of investment made in these companies.
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