India's state minister for technology said on Sunday he'll meet start- ups this week to assess the impact on them of Silicon Valley Bank's collapse, as enterprises rise about the fallout for the Indian launch- up sector. 

 California banking controllers shut down Silicon Valley Bank( SVB) on Friday after a run on the lender, which had$ 209 billion( roughly Rs. 17 Lakh crore) in means at the end of 2022, with depositors pulling out as much as$ 42 billion( roughly Rs.3.4 lakh crore) on a single day, rendering it insolvent. 

"Startups play a significant role in the emerging India's frugal lifestyle. I'll meet with Indian Startups this week to understand impact on them and how the government can help during the extremity," Rajeev Chandrasekhar, the state minister for IT said on Twitter.  India has one of the world's biggest launch- up requests, with numerous clocking multi-billion-dollar valuations in recent times and getting the backing of foreign investors, who have made bold bets on digital and other tech businesses. 
 

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SVB's failure, the biggest in the US since the 2008 fiscal extremity, has roiled global requests, hit banking stocks and is now unsettling Indian entrepreneurs.  Two mates at an Indian adventure capital fund and one lender to Indian launch- ups told Reuters that they're running checks with portfolio companies on any SVB exposure and if so, whether it's a significant part of their total bank balance. 
 

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Consumer internet startups, which have drawn the bulk of backing in India in recent times, are less affected because they either don't have an SVB account or have minimum exposure to it, the three people said. 
 

" Spoke to some authors and it's veritably bad," Ashish Dave, CEO of Mirae Asset Venture Investments( India), wrote in a tweet. " Especially for Indian authors. who setup theirU.S. companies and raised their original round, SVB is default bank. query is killing them. Growth bones are fairly safer as they diversified. Last thing authors demanded." 

 

Software establishment Freshworks said it has minimum exposure to the SVB situation relative to the company's overall balance distance. "As we improved our limits , we also added big and diverse banks like Morgan Stanley, JP Morgan, and UBS. The vast maturity of our cash and marketable securities moment isn't held at SVB," Freshworks said in a blog post, adding that the company doesn't prevision any dislocation to workers or guests. 
 

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Freshworks said it's working with guests and merchandisers who were using its SVB account to resettle to alternate bank accounts. India's Nazara Technologies Ltd, a mobile gaming company, said in a stock exchange form that two of its accessories, Kiddopia Inc and Mediawrkz Inc, hold cash balances totalling$7.75 million( roughlyRs.63.4 crore) with SVB.