India's state minister for technology said on Sunday he will meet start-ups this week to assess the impact on them of Silicon Valley Bank's collapse, as concerns rise about the fallout for the Indian start-up sector.
SVB's failure, the biggest in the U.S. since the 2008 financial crisis, has roiled global markets, hit banking stocks and is now unsettling Indian entrepreneurs.
Consumer internet startups, which have drawn the bulk of funding in India in recent years, are less affected because they either do not have an SVB account or have minimal exposure to it, the three people said. "Especially for Indian founders ... who setup their U.S. companies and raised their initial round, SVB is default bank. Uncertainty is killing them. Growth ones are relatively safer as they diversified. Last thing founders needed."said it has minimal exposure to the SVB situation relative to the company's overall balance sheet.
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