Industry experts predict that the bankruptcy of Silicon Valley Bank, the largest vendor in the startup ecosystem, will have a negative effect on the startup environment in India and has created a great deal of uncertainty in the market.
According to Ashu Garg, a well-known Silicon Valley venture capitalist and early-stage investor for over two decades, “I think it is a major hit for Indian entrepreneurs. Hopefully the matter will get handled.
California’s Department of Financial Protection and Innovation, which later appointed the Federal Deposit Insurance Corporation, closed Silicon Valley Bank (SVB), the 16th-largest bank in the United States, on Friday.
