The centre will meet representatives of Indian technology startups this week to gauge the impact on them from the abrupt collapse of the Silicon Valley Bank<\/a>, top officials said. Several early-stage technology startups have sought the IT ministry's intervention, they said, after the bank's closure on Friday sent shockwaves across the global technology sector. The @SVB_Financial closure is certainly disrupting startups across world .Startups are an imp part of #NewIndia E… https:\/\/t.co\/ToMGlmNcYq<\/p>— Rajeev Chandrasekhar 🇮🇳 (@Rajeev_GoI)1678593913000<\/a><\/blockquote><\/div> SVB危机冲击波在全球科技生态系统和投资者社区银行——的一个关键金融机构支持科技初创公司——倒塌在不到72小时。 该中心将会见印度科技创业公司的代表本周来衡量影响他们的突然崩溃硅谷银行,高级官员说。一些早期技术创业公司寻求IT部门的干预,他们说,周五银行关闭后的冲击波在全球科技行业。 @SVB_Financial关闭当然是扰乱初创公司在世界.Startups imp # NewIndia E…https://t.co/ToMGlmNcYq的一部分 The centre will meet representatives of Indian technology startups this week to gauge the impact on them from the abrupt collapse of the Silicon Valley Bank<\/a>, top officials said. Several early-stage technology startups have sought the IT ministry's intervention, they said, after the bank's closure on Friday sent shockwaves across the global technology sector. The @SVB_Financial closure is certainly disrupting startups across world .Startups are an imp part of #NewIndia E… https:\/\/t.co\/ToMGlmNcYq<\/p>— Rajeev Chandrasekhar 🇮🇳 (@Rajeev_GoI)1678593913000<\/a><\/blockquote><\/div>
On Sunday, minister of state for electronics and information technology Rajeev Chandrasekhar<\/a> said he would meet startup representatives in the coming week to take stock of the evolving crisis.
“The @SVB_Financial closure is certainly disrupting startups across the world. Startups are an imp part of #NewIndia Economy. I will meet with Indian Startups this week to understand impact on them n how @narendramodi govt can help during this crisis,” Chandrasekhar tweeted.
<\/p>
“Startups have informed the government about the funds frozen in their SVB<\/a> accounts and how that is causing difficulties for them in meeting working capital needs,” said one person cited above. \" Any decision on potential intervention by the Centre will be taken after the meeting,\" the source said.
The collapse of SVB has sent shockwaves across the worldwide tech ecosystem and investor community as the 40-year old bank — one of the key financial institutions servicing technology startups — collapsed in less than 72 hours.
The developments have impacted Indian startups, particularly those operating in the software-as-a-service (SaaS) sector as well as the ones backed by famed startup accelerator Y Combinator. ET reported on Saturday that as many as 60 Indian startups backed by Y Combinator have deposits over $250,000 each stuck in SVB.
![\"\"](\"\/\/www.iser-br.com\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
Y Combinator, which has backed more than 200 startups in India, has submitted a petition to the US Treasury Secretary Janet Yellen, seeking relief and attention over the collapse of SVB. Indian SaaS companies, especially those with customers in the US, have been the most impacted as subscription payments are linked to SVB accounts of these businesses.
In addition, US companies that serve as vendors to the impacted startups are also concerned over delayed payments, industry executives said.
Late on Friday, the US Federal Deposit Insurance Corporation (FDIC) said SVB was closed by the California Department of Financial Protection and Innovation. FDIC will sell the assets of the beleaguered lender while the Deposit Insurance National Bank of Santa Clara (DINB) will maintain its normal business activities, the US regulator had said.
While the insured depositors of SVB will receive their insured deposits up to $250,000, uninsured depositors will be paid dividends following sale of the bank’s assets.
ET also reported on Saturday that while the larger startups had little to no exposure to the beleaguered banker, it is early-stage and mid-stage companies that are facing the brunt of the bank being shuttered.
Entrepreneurs told ET that large companies typically have multiple financial services providers — something that made it easier to move funds across quickly. In contrast, smaller startups without such support were relatively more impacted because of their over dependence on one bank.
SVB is a preferred lender for a majority of startups and VC funds in the US. According to information sourced from the lender’s website, it has business with nearly half of all the US-based venture-backed startups, and about 44% of the US venture-backed tech and healthcare companies that went public last year.
As of December 2022, SVB held about $209.0 billion in total assets and about $175.4 billion in total deposits.
Peer Support
<\/strong>
Meanwhile, top venture investors as well as larger payments firms have been stepping up to provide emergency services to small and mid-stage startups roiled by the abrupt closure of SVB. On Sunday ET reported that payments major Razorpay was offering zero transfer charges on its business banking platform for startups looking to swiftly move funds out of the US.
Further, AngelList, a popular US-based platform linking founders with angel investors, has custom-built a product for startups impacted by SVB’s collapse to help access banking and standardised loan agreement documents, called the Lifeline Agreement. This agreement will include a promissory note with a standard interest rate of 7% for a short-term loan from investors lending to meet urgent needs.
Investors of affected startups have also been instructing their portfolio firms to immediately open new bank accounts and start diverting customer payments to these accounts to maintain cash flows necessary to make payrolls, and other day-to-day payments.
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本周MoS SVB-hit初创公司的官员见面
周日,电子和信息技术部长拉杰夫钱德拉塞卡表示,他将启动代表见面在下周采取股票的发展危机。
“@SVB_Financial关闭当然是破坏世界各地的创业公司。创业是一个小淘气# NewIndia经济的一部分。本周我将会见印度创业理解影响他们n @narendramodi政府可以帮助在这次危机,“钱德拉塞卡推。
“初创公司已经通知政府的资金冻结SVB账户和造成困难,如何在满足营运资金需求,”上述引用的一个人。“任何决定潜在的干预中心将会后,”该消息人士称。
SVB的崩溃在全球引起轩然大波科技生态系统和投资者社区有着40年历史的银行——的一个关键金融机构服务技术初创公司——倒塌在不到72小时。
印度发展影响初创企业,特别是那些操作软件即服务(SaaS)部门以及那些由著名创业加速器Y Combinator。等周六报道称,多达60印度初创企业由Y Combinator每个陷入SVB存款超过250000美元。
Y Combinator,支持超过200个创业公司在印度,美国财政部长已经提交了一份请愿书叶伦,寻求救济和注意力SVB的崩溃。印度SaaS公司,特别是那些与客户在美国,最影响订阅支付与SVB账户的业务。
此外,美国公司作为供应商影响初创公司也关注延迟支付,业内高管表示。
周五晚些时候,美国联邦存款保险公司(FDIC)表示SVB加州金融部门被关闭的保护和创新。联邦存款保险公司将出售这家陷入困境的银行的资产而圣克拉拉的存款保险国家银行(DINB)将维持其正常的业务活动,美国监管机构曾表示。
虽然SVB将收到的存款保险人投保存款高达250000美元,没有保险的存款人将支付股息之后出售银行的资产。
等周六报道,而更大的创业公司没有暴露于困境中的银行家,早期和中期发展阶段的公司,面临着被关闭的银行带来的冲击。
企业家告诉ET,大公司通常有多个金融服务提供者——这让它更容易基金在快速移动。相比之下,规模较小的公司没有这样的支持相对更多的影响,因为他们对一家银行的依赖。
SVB是首选银行在美国大部分创业公司和风险投资基金。根据信息来自银行的网站,它已经与近一半的美国风险投资支持的创业公司,大约44%的美国风投支持科技和医疗公司去年上市的。
截至2022年12月,SVB持有约2090亿美元的总资产和总计约1754亿美元的存款。
同伴支持
与此同时,顶级风险投资者以及更大的支付公司已经加大为小型和中期发展阶段提供紧急服务创业被突然关闭SVB。周日等报道,支付主要Razorpay提供零电荷转移其商业银行业务平台创业想迅速将资金移出美国。
此外,AngelList,一个受欢迎的美国平台连接创业者和天使投资者,为创业公司定制的产品影响SVB崩溃帮助访问银行和标准化的贷款协议文件,称为生命线协议。本协议将包括本票与一个标准的短期贷款利率的7%来自投资者的贷款以满足紧急需求。
影响投资者的创业公司也一直在指导他们的投资组合公司立即开放新银行帐户并开始转移客户付款给这些帐户以维持现金流必要的就业,和其他日常支付。
On Sunday, minister of state for electronics and information technology Rajeev Chandrasekhar<\/a> said he would meet startup representatives in the coming week to take stock of the evolving crisis.
“The @SVB_Financial closure is certainly disrupting startups across the world. Startups are an imp part of #NewIndia Economy. I will meet with Indian Startups this week to understand impact on them n how @narendramodi govt can help during this crisis,” Chandrasekhar tweeted.
<\/p>
“Startups have informed the government about the funds frozen in their SVB<\/a> accounts and how that is causing difficulties for them in meeting working capital needs,” said one person cited above. \" Any decision on potential intervention by the Centre will be taken after the meeting,\" the source said.
The collapse of SVB has sent shockwaves across the worldwide tech ecosystem and investor community as the 40-year old bank — one of the key financial institutions servicing technology startups — collapsed in less than 72 hours.
The developments have impacted Indian startups, particularly those operating in the software-as-a-service (SaaS) sector as well as the ones backed by famed startup accelerator Y Combinator. ET reported on Saturday that as many as 60 Indian startups backed by Y Combinator have deposits over $250,000 each stuck in SVB.
Y Combinator, which has backed more than 200 startups in India, has submitted a petition to the US Treasury Secretary Janet Yellen, seeking relief and attention over the collapse of SVB. Indian SaaS companies, especially those with customers in the US, have been the most impacted as subscription payments are linked to SVB accounts of these businesses.
In addition, US companies that serve as vendors to the impacted startups are also concerned over delayed payments, industry executives said.
Late on Friday, the US Federal Deposit Insurance Corporation (FDIC) said SVB was closed by the California Department of Financial Protection and Innovation. FDIC will sell the assets of the beleaguered lender while the Deposit Insurance National Bank of Santa Clara (DINB) will maintain its normal business activities, the US regulator had said.
While the insured depositors of SVB will receive their insured deposits up to $250,000, uninsured depositors will be paid dividends following sale of the bank’s assets.
ET also reported on Saturday that while the larger startups had little to no exposure to the beleaguered banker, it is early-stage and mid-stage companies that are facing the brunt of the bank being shuttered.
Entrepreneurs told ET that large companies typically have multiple financial services providers — something that made it easier to move funds across quickly. In contrast, smaller startups without such support were relatively more impacted because of their over dependence on one bank.
SVB is a preferred lender for a majority of startups and VC funds in the US. According to information sourced from the lender’s website, it has business with nearly half of all the US-based venture-backed startups, and about 44% of the US venture-backed tech and healthcare companies that went public last year.
As of December 2022, SVB held about $209.0 billion in total assets and about $175.4 billion in total deposits.
Peer Support
<\/strong>
Meanwhile, top venture investors as well as larger payments firms have been stepping up to provide emergency services to small and mid-stage startups roiled by the abrupt closure of SVB. On Sunday ET reported that payments major Razorpay was offering zero transfer charges on its business banking platform for startups looking to swiftly move funds out of the US.
Further, AngelList, a popular US-based platform linking founders with angel investors, has custom-built a product for startups impacted by SVB’s collapse to help access banking and standardised loan agreement documents, called the Lifeline Agreement. This agreement will include a promissory note with a standard interest rate of 7% for a short-term loan from investors lending to meet urgent needs.
Investors of affected startups have also been instructing their portfolio firms to immediately open new bank accounts and start diverting customer payments to these accounts to maintain cash flows necessary to make payrolls, and other day-to-day payments.
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