Key Highlights :
1. Most of the Indian software-as-a-services startups with a presence in the US and firms linked to incubator Y Combinator are among those entities who will feel the heat of the Silicon Valley Bank collapse but the impact is likely to be short-term.
2. The Y Combinator-backed startups get their payments in the account they hold in SVB but many of Indian firms linked to incubators like Meesho and Razorpay were able to move their money out of the bank in time.
3. Other Y Combinator incubated startups such as Khatabook, Zepto and OkCredit did not respond to queries sent to with regard to their exposure to SVB collapse.
4. Venture capital firm 9Unicorns, in which Y Combinator is an investor, also did not respond to the query.
5. Fintech firm Recur Club founder and CEO Eklavya Gupta told PTI that there are some large-size non-Y Combinator-linked SaaS companies on the west coast with operations in the US and India, who have had significant exposure to SVB.
6. “We are helping startups in opening their account in Gift City. We have a good partnership in place to even help large companies meet their immediate requirement. Good thing is that large companies have better management and resources available to manage the crisis,” Gupta said.
7. Recur club has set up a pool of $15 million to help Indian entities meet their immediate expense requirement and fun payroll without diluting their equity.
8. SV
Most Indian software-as-a-services startups with a presence in the US and firms linked to incubator Y Combinator are among those entities who will feel the heat of the Silicon Valley Bank collapse but the impact is likely to be short-term.
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