Ashneer Grover, former MD of Indian fintech company BharatPe and former Shark Tank India judge, has finally shared his two-cents on the collapse of Silicon Valley Bank based in California, while also taking a dig at the venture capitalists. For the unversed, Silicon Valley Bank, the 16th largest bank in the US, was suddenly collapsed, resulting in its shut flown by the California Department of Financial Protection and Innovation on Friday. Industry experts have predicted that the shutting down of the bank will have adverse impact on many start ups operating in India.
Ashneer Grover reacts to Silicon Valley Bank collapse
Ashneer Grover took to his Twitter handle to express his opinion on Silicon Valley Bank collapse and said that he is eager to see how many Venture Capitalists lose their job.
“Eager to see how many VCs lose their jobs (yes they do jobs – are not founders and it’s not their own money that they deploy) in the aftermath of SVB. VC space needed a cleanup for long. Ab number aayega inka – too stupid people have made too much easy money in VCs doing nothing”, Grover tweeted.
Eager to see how many VCs lose their jobs (yes they do jobs – are not founders and it’s not their own money that they deploy) in the aftermath of SVB. VC space needed a cleanup for long. Ab number aayega inka – too stupid people have made too much easy money in VCs doing nothing
— Ashneer Grover (@Ashneer_Grover) March 12, 2023
Indian startups affected by closure of SVB
The regulators shut Silicon Valley Bank on Friday. The 16th largest bank in the US, Silicon Valley Bank had approximately USD 209.0 billion in total assets and about USD 175.4 billion in total deposits, as of December 31, 2022.
Many Indian startups which do not have an office in the US, had their account registered in the US as the financial institution did not have much regulatory questions. SVB was also prominent among users for its customer-friendly approach.
Union minister Rajeev Chandrasekhar had said that he will meet Indian startups affected by the SVB collapse an offer them government assistance to avert crisis.
“A few start-ups have reached out to me, and there is a general worry. Prime Minister Narendra Modi’s vision of India’s ‘techade’ has a big role for the success of our start-ups and innovation ecosystem. We want to be supportive of our young Indians in whatever way we can. We won’t let the SVB failure slow their growth,” Chandrasekhar said.
Also read: Storm breaches California river’s levee, thousands evacuate
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER
