New Delhi: Indian startups have withdrawn up to $300 million from the collapsed Silicon Valley Bank (SVB) after the Joe Biden government in the US allowed depositors to withdraw their funds from March 13, the media reported.
The Financial Express reported, citing sources, that homegrown startups have processed fund transfers “worth $250-300 million in the past 24 hours”.
Industry players said that for funds transfer, firms need to first open new business bank accounts in the US as SVB still hasn’t resumed direct foreign transfers.
Sanjay Swamy, managing partner at Prime Venture Partners, was quoted as saying in the report that all their “portfolio companies banking with SVB have been able to move 100 per cent of their money to other US-based banks”.
The collapse of SVB in the US had left the Indian startup ecosystem worried. More than 1,000 Indian startups were likely to have exposure to the SVB.